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