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".
Sponsored By: Senator John Reed
Introduced
Summary
Preserves Regulation Z protections for Buy Now, Pay Later digital accounts. This joint resolution would nullify a Consumer Financial Protection Bureau rule that sought to withdraw a Truth in Lending (Regulation Z) provision on using digital user accounts to access Buy Now, Pay Later loans, blocking that withdrawal and keeping the existing rule in place.
Your PRIA Score
Personalized for You
How does this bill affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this bill and every other piece of legislation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Bill Overview
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Keep buy-now-pay-later account protections
This resolution would stop the CFPB from withdrawing its May 31, 2024 rule on using digital user accounts to access buy-now-pay-later loans. If enacted, the withdrawal published May 12, 2025 (90 Fed. Reg. 20084) would have no force or effect. That would keep the earlier Truth in Lending (Regulation Z) protections for BNPL users, lenders, digital account platforms, and merchants. The measure would not change funding, create new programs, or alter taxes.
Free Policy Watch
You just read the policy. Now see what it costs you.
Pick a topic. PRIA runs your household against live legislation and sends you a free personalized readout.
Pick a topic to get started
Sponsors & CoSponsors
Sponsor
John Reed
RI • D
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
View on Congress.govTake It Personal
Get Your Personalized Policy View
Start a Free Government Policy Watch to see how policy affects your household, then upgrade to PRIA Full Coverage for year-round monitoring.
Already have an account? Sign in