The purpose of credit checks is to protect the consumer from...

The purpose of credit checks is to protect the consumer from harm. The requirement for BNPL to undertake credit checks has already been considered at length by the regulator with the outcome being the imposition of a PIP regime. Given that the % of Afterpay's revenue coming from late fees has fallen dramatically over the past 2 years, it seems very clear that any "harm" befalling consumers from Afterpay has also been reducing significantly (from a very low level to start with). Politicians have also been very clear in their support for Australia's infant fintech industry and have put the regulators on notice that they shouldn't be stifling its development with heavy handed regulation. There is no doubt that the CBA and the rest of Australia's banking cartel would love to see Afterpay regulated out of existence, but thankfully their political clout is much diminished post the Royal Commission and their self-serving ways are now universally recognised.

In response to @thebarry111.