CFPB Buy Now, Pay Later Rule Targeted for Repeal by House GOP

House Republicans began an effort to repeal a Consumer Financial Protection Bureau interpretive rule bringing some credit card protections to the buy now, pay later market.

The measure (H.J. Res. 195), introduced Aug. 2 by Rep. Byron Donalds (R-Fla.), would use the Congressional Review Act to repeal the CFPB’s interpretive rule. The rule, which took effect July 30, requires buy now, pay later companies to provide credit card protections such as dispute resolution, refunds for voided purchases, and regular billing statements to customers.

Rep. French Hill (R-Ark.), a top contender to lead the House Financial Services Committee ...