Truth in Lending (Regulation Z); Use of Digital User Accounts To Access Buy Now, Pay Later Loans

Document 2024-11800 is a Final Rule published by the Consumer Financial Protection Bureau in the Federal Register on May 31, 2024, with an effective date of July 30, 2024. The Consumer Financial Protection Bureau (CFPB) is issuing this interpretive rule to address the applicability of subpart B of Regulation Z to lenders that issue digital user accounts used to access credit, including to those lenders that market loans as "Buy Now, Pay Later" (BNPL). This interpretive rule describes how these lenders meet the criteria for being "card issuers" for purposes of Regulation Z. Such lenders that extend credit are also "creditors" subject to subpart B of Regulation Z, including those provisions governing periodic statements and billing disputes. While not required under the Administrative Procedure Act, the CFPB is opting to collect comments on this interpretive rule and may make revisions as appropriate after reviewing feedback received. View the original at https://www.federalregister.gov/documents/2024/05/31/2024-11800/truth-in-lending-regulation-z-use-of-digital-user-accounts-to-access-buy-now-pay-later-loans.

No. Document 2024-11800 is not classified as economically significant under Executive Order 12866. Economically significant rules require OIRA review and are estimated to have impacts of $100 million or more per year.