The CFPB will not make enforcement of its Buy Now, Pay Later
rule a priority, according to a recent statement.
"The Bureau will instead keep its enforcement and
supervision resources focused on pressing threats to consumers,
particularly servicemen and veterans," CFPB officials said in
a statement. "The Bureau takes this step in the interest of
focusing resources on supporting hard-working American taxpayers,
servicemen, veterans, and small businesses. The Bureau is further
contemplating taking appropriate action to rescind [the] Buy Now,
Pay Later [rule]."
The Bureau went further in a status report and joint motion to
stay that it submitted in March in a suit filed by the Financial
Technology Association (FTA) challenging the rule, specifically
saying that it "is planning to revoke" the interpretive
rule. As a result, Judge Ana Reyes of the U.S. District Court of
the District of Columbia issued a stay in April and required a
joint status report by June 2.
