Adams sends letter opposing ‘buy now, pay later’ gun purchases
WASHINGTON DC. (September 1, 2022) — Earlier this week, Congressman Alma Adams (NC-12) sent a letter to Credova CEO Dusty Wunderlich requesting information regarding the use of Credova’s “Buy Now, Pay Later” (BNPL) services to fund online purchases of weapons, ammunition and accessories of firearms. BNPL allows consumers to buy and take possession of an item immediately after agreeing to pay the purchase price over a specified period of time, and Credova has aggressively advertised this pay-for-purchase option. weapons in the United States. U.S. Representatives Stephen F. Lynch (MA-08), Carolyn B. Maloney (NY-12), Al Green (TX-09)and John Larson (CT-01) co-signed the letter.
“This year, Congress honored tens of thousands of victims of gun violence by passing common sense legislation to make our communities safer from the threat of gun violence,” Rep. Adams said. “However, my colleagues and I are concerned about the rapid growth of the online firearms market, including point-of-sale installment loans and ‘buy now, pay later’ financing. We want to make sure that these new ways of financing the purchase of firearms comply with the law, and we want to be sure that these practices do not contribute to the national firearms crisis. We owe the victims and survivors of gun violence our vigilance. »
As highlighted in a June 2022 New York Times report, Credova has actively sought to partner with arms dealers to market BNPL funding for arms sales. The company currently partners with more than 60 online gun and hunting supply retailers, launched a contest in partnership with the US Concealed Carry Association, and raised funds on behalf of the lobbying arm of the National Rifle Association.
During audience held on November 2, 2021 by the FinTech Task Force, several witnesses identified a number of consumer protection and public safety risks associated with BNPL.
The letter asks Credova Financial, LLC to respond with information about the use of its BNPL services in gun sales by September 26, 2022.
Congressman Alma S. Adams, Ph.D. represents Charlotte and Mecklenburg County, North Carolina in Congress. She sits on the House Committee on Financial Services; as Vice Chairman of the House Committee on Agriculture; and Chairman of the Labor Protection Subcommittee of the House Education and Labor Committee.