Loading chat...
US SJR134
Joint Resolution
AI Summary
-
Congress disapproves the Bureau of Consumer Financial Protection's May 12, 2025 rule (90 Fed. Reg. 20084) that withdrew consumer protections for Buy Now, Pay Later loans
-
The withdrawn rule, originally published May 31, 2024 (89 Fed. Reg. 47068), applied Truth in Lending Act (Regulation Z) requirements to digital accounts used for Buy Now, Pay Later transactions
-
If enacted, the CFPB's withdrawal rule would have no force or effect, effectively reinstating the original consumer protection requirements for BNPL lending
-
Introduced by Senator Reed on March 18, 2026 and referred to the Senate Committee on Banking, Housing, and Urban Affairs
-
Uses the Congressional Review Act (chapter 8 of title 5, U.S. Code) to overturn the agency's regulatory action
Legislative Description
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".
Finance and financial sector
Last Action
Placed on Senate Legislative Calendar under General Orders. Calendar No. 390.
4/27/2026