On August 2, 2023, U.S. House members introduced H.J. Res. 195, aimed at disapproving recent guidance from the Consumer Financial Protection Bureau (CFPB) regarding Buy Now Pay Later (BNPL) lending. The CFPB's guidance reclassified BNPL lenders similarly to credit card issuers under the Truth in Lending Act (TILA), imposing new regulatory requirements on these providers. According to the guidance, BNPL lenders must investigate consumer disputes, pause payment requirements during investigations, issue credits when necessary, and provide periodic billing statements akin to those of traditional credit cards. If the resolution passes, it would negate the CFPB's interpretive rule, but achieving this is complicated due to potential presidential vetoes. Lawmakers advocating for the resolution argue that the BNPL industry needs more time to adapt to these changes, suggesting a delay in implementation until October 2025. Despite the introduction of the resolution, its passage appears unlikely given the current political landscape.
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