A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to the withdrawal of the rule relating to "Truth in Lending (Regulation Z); Use of Digital User Accounts to Access Buy Now, Pay Later Loans".

Jack Reed

Democrat · RI · Senator

Source: Congress.gov · FEC

No cosponsors on record. Bills can pass without cosponsors — this often means the sponsor introduced the bill alone, either because it's a messaging bill, a chairman's mark, or simply early in the legislative cycle.

Motion to proceed to consideration of measure rejected in Senate by Voice Vote. (consideration: CR S2272)

2026-05-13

Source: Congress.gov

Congress is considering blocking a decision by the Consumer Financial Protection Bureau to withdraw a rule that would have required "buy now, pay later" companies to disclose loan terms clearly to borrowers through digital accounts. If approved, this resolution would force the agency to keep the disclosure rule in place, ensuring consumers get transparent information about the costs and terms when they use services that let them split purchases into installments. The resolution targets a specific regulatory action rather than creating new law, and would primarily affect buy now, pay later lenders and their customers.

AI-assisted summary generated from the official bill metadata (title, subjects, actions) sourced from Congress.gov. Cached and reviewed. Always verify against the official text linked below.

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [S.J. Res. 134 Placed on Calendar Senate (PCS)] <DOC> Calendar No. 390 119th CONGRESS 2d Session S. J. RES. 134 Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to the withdrawal of the rule relating to ``Truth in Lending (Regulation Z); Use of Digital User Accounts To Access Buy Now, Pay Later Loans''. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES March 18, 2026 Mr. Reed introduced the following joint resolution; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs April 27, 2026 Committee discharged, by petition, pursuant to 5 U.S.C. 802(c), and placed on the calendar _______________________________________________________________________ JOINT RESOLUTION Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to the withdrawal of the rule relating to ``Truth in Lending (Regulation Z); Use of Digital User Accounts To Access Buy Now, Pay Later Loans''. Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That Congress disapproves the rule submitted by the Bureau of Consumer Financial Protection relating to the withdrawal of the rule relating to ``Truth in Lending (Regulation Z); Use of Digital User Accounts To Access Buy Now, Pay Later Loans, 89 Fed. Reg. 47068 (May 31, 2024)'' (90 Fed. Reg. 20084 (May 12, 2025)), and such rule shall have no force or effect. Calendar No. 390 119th CONGRESS 2d Session S. J. RES. 134 _______________________________________________________________________ JOINT RESOLUTION Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to the withdrawal of the rule relating to ``Truth in Lending (Regulation Z); Use of Digital User Accounts To Access Buy Now, Pay Later Loans''. _______________________________________________________________________ April 27, 2026 Committee discharged, by petition, pursuant to 5 U.S.C. 802(c), and placed on the calendar

• S5320Insider Trading Prohibition Act
  Referred to Committee · 2026-08-06
• S5264Bus Operator Safety and Security Act
  Referred to Committee · 2026-08-05
• SJRES203A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Office of the Comptroller of the Currency relating to "Preemption Determination: State Interest-on-Escrow Laws".
  Referred to Committee · 2026-07-29
• S4110EMPOWER for Health Act
  Reported by Committee · 2026-07-28