A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to the withdrawal of the rule relating to "Truth in Lending (Regulation Z); Use of Digital User Accounts to Access Buy Now, Pay Later Loans"

Progress

Timeline

• Mar 18Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summary

This joint resolution would overturn a recent rule by the Consumer Financial Protection Bureau (CFPB) regarding "Buy Now, Pay Later" (BNPL) services like Klarna, Afterpay, and Affirm. **What it does:** Uses Congress's authority to disapprove and cancel federal agency rules within 60 days of their submission. **The CFPB rule being targeted:** Appears to involve how BNPL companies handle digital user accounts and Truth in Lending Act requirements - essentially rules about disclosure and consumer protection for these payment services. **Who it affects:** - Consumers who use BNPL services for purchases - BNPL companies and their business practices - Retailers that offer these payment options **What would change:** If passed, the CFPB rule would be nullified, maintaining current regulations around BNPL services rather than implementing new consumer protections or disclosure requirements. **Current status:** The resolution is still in committee and has not been voted on by Congress.

How This Affects You