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".

What This Bill Does

This bill is a Congressional disapproval resolution, which is a tool Congress can use to cancel or reverse a rule created by a federal agency. Specifically, it targets a decision made by the Consumer Financial Protection Bureau (CFPB) to *withdraw* (pull back) a rule about "Buy Now, Pay Later" (BNPL) loans. BNPL services are the short-term financing options offered at checkout — both online and in stores — by companies like Affirm, Klarna, and Afterpay, which let shoppers split purchases into installment payments.

Some Background

The original CFPB rule that was withdrawn would have required BNPL lenders to follow many of the same consumer protection standards that apply to traditional credit cards under the Truth in Lending Act. This included things like providing clear disclosures about loan terms, offering refund rights, and investigating billing disputes. The CFPB later decided to pull that rule back. This Congressional resolution is a response to that decision — if passed, it would effectively block the CFPB's withdrawal, meaning the original consumer protection rule could potentially be reinstated.

Who Is Affected

This bill primarily affects Americans who use Buy Now, Pay Later services — a growing number of consumers, particularly younger and lower-income shoppers. It would also affect BNPL companies, who would face stricter regulatory requirements if the original rule were restored. If the resolution succeeds, consumers could gain more formal protections when using these services, similar to what they have with credit cards.