To prohibit the Director of the Bureau of Consumer Financial Protection from issuing new rules or guidance relating to buy now pay later services until the Bureau and the Comptroller General of the United States each conduct a study on such services, and for other purposes.
About This Bill
Committee
Latest Action · June 5, 2024
Referred to the House Committee on Financial Services.
This bill would pause new regulations on "buy now pay later" services, which allow consumers to split purchases into multiple installment payments, until two separate studies are completed. The Bureau of Consumer Financial Protection and the Government Accountability Office would each have one year to study these services, examining who uses them, what risks and benefits they present, how they compare to credit cards and other payment methods, and potential fraud concerns. The bill also requires the Bureau to withdraw a May 2024 interpretive rule it had issued regarding these services. The legislation affects fintech companies offering buy now pay later products, traditional banks and credit card companies that compete with these services, and consumers who use these payment options. No specific funding amounts are mentioned in the bill.
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