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".

Overview

• Bill: SJRES 134
• Session: 119
• Jurisdiction: United States
• Title: 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".
• Status: Introduced and referred to committee; later discharged by petition. No final passage as of the latest action; motion to proceed to consideration rejected by Senate (voice vote) on May 13, 2026.
• Key process: This is a joint resolution under the congressional disapproval mechanism (the Congressional Review Act, 5 U.S.C. chapter 8) aimed at disapproving a specific Bureau of Consumer Financial Protection (BCFP, formerly CFPB) rule.

Purpose

• The bill seeks to overturn (disapprove) a BCFP rule that withdraws a prior rule related to Truth in Lending (Regulation Z) and how digital user accounts are used to access Buy Now, Pay Later (BNPL) loans.
• In practical terms, it uses the congressional disapproval process to nullify the Bureau’s withdrawal action and preserve or reinstate the withdrawn Regulation Z rule provisions or the status quo prior to the Bureau’s withdrawal, depending on the underlying regulatory text being targeted.

Key Provisions and Changes

• Provisions target: The specific BCFP action to withdraw certain provisions under Truth in Lending (Regulation Z) concerning BNPL use of digital user accounts.
• Mechanism: If enacted, the joint resolution would be a formal disapproval under the Congressional Review Act, effectively nullifying the Bureau’s withdrawal and reinstating the rule or maintaining the regulatory framework as it existed prior to withdrawal.
• Scope: Applies to the rulemaking action described (withdrawal) and does not create new regulatory requirements of its own; rather, it directs congressional disapproval of the Bureau’s withdrawal action.

Who/What is Affected

• Federal regulatory action: The Bureau of Consumer Financial Protection and its rulemaking authority as it pertains to Regulation Z and BNPL digital account access.
• Regulated entities: Financial services providers offering BNPL products, lenders, and any entities subject to Regulation Z disclosures and requirements in relation to BNPL transactions.
• Consumers: Borrowers using BNPL services, particularly those affected by how BNPL terms, disclosures, and access methods are regulated under Regulation Z.

Procedural and Timeline Aspects

• Introduction and referral: Introduced in the Senate (March 18, 2026) and referred to the Senate Committee on Banking, Housing, and Urban Affairs.
• Committee action: Committee discharged by petition (April 27, 2026) under 5 U.S.C. 802(c), allowing floor action.
• Floor action: On May 13, 2026, a motion to proceed to consideration of the measure was rejected by the Senate via a voice vote.
• Next steps (if any): If the joint resolution receives Senate passage and House action in alignment, it would proceed to the President for signature or veto. As of the latest actions, it has not cleared both chambers or been presented for signature.

Practical Impact

• If enacted, it would reverse the Bureau’s withdrawal action, potentially reinstating the withdrawn rule’s framework or preventing the withdrawal from taking effect, thereby preserving existing Regulation Z obligations related to BNPL and digital account use.
• It represents a legislative check on agency regulatory changes, reflecting congressional preference to maintain or restore certain consumer financial protections related to BNPL disclosures and access methods.

Notes

• This summary reflects the bill’s current introduced text and stated procedural history up to the latest listed action (May 13, 2026). If amendments are added or floor considerations occur, the scope and impact could change.