Washington, D.C.—Today, U.S. Representative Stephen F. Lynch (MA-08), Chairman of the Task Force on Financial Technology, sent a letter to Credova CEO Dusty Wunderlich requesting information regarding the use of Credova’s “Buy Now, Pay Later” (BNPL) services to finance online purchases for guns, ammunitions, and firearm accessories. BNPL allows consumers to purchase and immediately take possession of an item after agreeing to pay the purchase price over a fixed period of time, and Credova has aggressively advertised this payment option for the purchase of guns in the United States. U.S. Representatives Carolyn B. Maloney (NY-12), Alma Adams (NC-12), Al Green (TX-09), and John Larson (CT-01) cosigned the letter.
“Amid more than 100 daily gun-related deaths and recurrent mass shootings nationwide, the U.S. continues to endure a devastating gun violence epidemic that we firmly believe will only be exacerbated by this misguided and egregious business practice,” the Members wrote. “We are concerned that the ease with which buyers can acquire guns through BNPL will result in more guns and increased gun violence in our nation’s communities. As the online gun market continues to grow exponentially, public safety clearly demands that we conduct robust oversight of Credova Financial, LLC’s Buy Now, Pay Later services.”
As underscored in a June 2022 New York Times report, Credova has actively sought to partner with gun merchants to market BNPL financing for gun sales. The company currently partners with more than 60 online gun and hunting supply retailers, has initiated a sweepstakes in partnership with the U.S. Concealed Carry Association, and has fundraised on behalf of the lobbying arm of the National Rifle Association.
During a hearing held on November 2, 2021, by the Task Force on Financial Technology, several witnesses identified a number of consumer protection and public safety risks associated with BNPL.
The letter requests that Credova Financial, LLC respond with information on the use of its BNPL services in gun sales by September 26th, 2022
You can read the letter here.