The CFPB announced on May 6, 2025, that it will not prioritize enforcement actions taken on the basis of its Buy Now, Pay Later (BNPL) interpretive rule (89 Fed. Reg. 47,068), which was issued in May 2024.
In what has now come to be a common pronouncement from the agency, the CFPB states that it "will instead keep its enforcement and supervision resources focused on pressing threats to consumers, particularly servicemen and veterans." Further, the CFPB also states that it takes this step "in the interest of focusing resources on supporting hard-working American taxpayers, servicemen, veterans, and small businesses."
Finally, the CFPB notes that it "is further contemplating taking appropriate action to rescind" this interpretive rule. This does not come as a surprise, as earlier this year the CFPB indicated its intent to revoke the rule through a status report and filing of a joint motion to stay in a case challenging the interpretive rule.
Visit Holland & Knight's resource center, CFPB Dispatch: Legal Updates and Insights, to stay on top of the latest CFPB developments.
