The agency said in a press release that it "will not prioritize enforcement actions" taken under the rule, which was published at 89 Fed. Reg. 47,068 on May 31, 2024, and titled "Truth in Lending (Regulation Z); Use of Digital User Accounts to Access Buy Now, Pay Later Loans."
The bureau said it "will instead keep its enforcement and supervision resources focused on pressing threats to consumers, particularly servicemen and veterans."
According to the release, the CFPB is taking the step "in the interest of focusing resources on supporting hard-working American taxpayers, servicemen, veterans, and small businesses."
The agency also signaled a possible full reversal of the rule, stating that it "is further contemplating taking appropriate action to rescind Buy Now, Pay Later."
The announcement did not identify a timeline for any rescission proceeding, name specific enforcement matters affected, or describe how supervision of Buy Now, Pay Later providers will be handled going forward.