The bureau said it will deprioritize enforcement actions based on its Truth in Lending Act rule covering buy now, pay later loans, which was published in the Federal Register on May 31, 2024. The rule was formally titled "Truth in Lending (Regulation Z); Use of Digital User Accounts to Access Buy Now, Pay Later Loans."
The CFPB said it is "further contemplating taking appropriate action to rescind" the rule altogether.
The bureau said it would "instead keep its enforcement and supervision resources focused on pressing threats to consumers, particularly servicemen and veterans."
The CFPB said it is taking the step "in the interest of focusing resources on supporting hard-working American taxpayers, servicemen, veterans, and small businesses."
The announcement did not specify a timeline for potential rescission. The agency also did not provide details about which particular enforcement priorities would receive the bureau's focus instead.