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Congress·In Committee·S.J.Res. 134

Sen. Reed Introduces Resolution to Restore Consumer Protections for Buy Now, Pay Later Loans

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".

3 days ago·View on Congress.gov

Legislative Progress

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Key Points

  • Sen. Reed introduced a Congressional Review Act (CRA) resolution to block the Consumer Financial Protection Bureau from withdrawing its rule that treated Buy Now, Pay Later (BNPL) services like credit cards under the Truth in Lending Act.

    From policy text

    “Congress disapproves 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, 89 Fed. Reg. 47068 (May 31, 2024)'' (90 Fed. Reg. 20084 (May 12, 2025)), and such rule shall have no force or effect.”
    View in full text
  • If passed, the CFPB's withdrawal would be reversed, meaning the original 2024 rule requiring BNPL lenders to provide billing statements, handle disputes, and process refunds like credit card companies would be restored.
  • The resolution was referred to the Senate Committee on Banking, Housing, and Urban Affairs, where it faces an uphill battle given the current political environment favoring deregulation.

    From policy text

    “Mr. Reed introduced the following joint resolution; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs”
    View in full text
  • The original CFPB rule, published in 2024, extended Truth in Lending protections to digital payment plans that let consumers split purchases into installments. The CFPB then withdrew that rule in May 2025, and this resolution aims to undo that withdrawal.
Economy Finance

Impact Analysis

Personal Impact

Scores: 1 = low, 5 = highSentiment: -5 to +5 (net benefit)

Milestones

2 milestones2 actions
Mar 18, 2026Senate

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

Mar 18, 2026

Introduced in Senate

Source Information

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".

Bill NumberSJRES 134
Congress119th Congress
ChamberSenate
Latest ActionRead twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Sponsor

Analysis generated by AI. Always verify with official sources.