Sen. Reed Introduces Resolution to Restore Consumer Protections for Buy Now, Pay Later Loans
A senate committee must act next: committee consideration.
Scores run from -100 (strongly harmful) to +100 (strongly beneficial) for each group, combining impact, certainty, scope, and duration ratings of 1-5. How impact scoring works
Small online retailers that offer Buy Now, Pay Later checkout options could see changes in how their BNPL partners operate. If the original consumer protection rule is restored, BNPL providers may pass along compliance costs or adjust their merchant fee structures, but clearer consumer protections could also boost buyer confidence and reduce chargebacks.
Motion to proceed to consideration of measure rejected in Senate by Voice Vote.
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Motion to proceed to consideration of measure rejected in Senate by Voice Vote. (consideration: CR S2272)
The Senate is voting on whether to even start debating this bill. This vote can be used to block bills before discussion begins.
Placed on Senate Legislative Calendar under General Orders. Calendar No. 390.
The bill is now on the schedule for the full chamber to consider. It's in line for debate and a vote.
Senate Committee on Banking, Housing, and Urban Affairs discharged, by petition, pursuant to 5 U.S.C. 802(c).
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Sent to a congressional committee for expert review. The committee decides whether this bill moves forward.
No votes, news coverage, or related bills recorded for this bill yet.
Document Type
Congressional Bill
Official Title
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".
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