US Federal Senate Bill SJR134

US Federal 2025-2026 Regular Session

• Introduced: 5/13/26
• Introduced: 3/18/26
• Refer: 3/18/26

Caption

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".

Summary

SJR 134 is a Congressional Review Act joint resolution that would overturn a Consumer Financial Protection Bureau action withdrawing a prior rule related to Truth in Lending (Regulation Z) and the use of digital user accounts to access buy now, pay later loans. If enacted, the resolution would nullify the CFPB’s withdrawal rule and leave that withdrawal with no legal force or effect. The measure is procedural in form but substantive in effect because it targets federal consumer finance regulation affecting BNPL products and the account-based access methods used to obtain them. Its purpose is to restore the prior regulatory posture rather than create a new regulatory framework, and it would affect the CFPB’s authority and the compliance obligations of BNPL providers, lenders, and related financial technology platforms.

Impact

The resolution would not directly amend the Truth in Lending Act itself, but under the Congressional Review Act it would invalidate the CFPB’s withdrawal rule and prevent that agency action from taking effect. That would preserve the earlier rulemaking position on digital user accounts and BNPL loans, potentially affecting disclosure, underwriting, and account-access requirements for providers of buy now, pay later credit products and related fintech services.

Sentiment

The available legislative history suggests the bill is politically contested rather than broadly consensus-driven. It was reported to the calendar through a discharge petition, indicating members sought to move it despite committee inaction, and the later motion to proceed was rejected in the Senate by voice vote. That pattern suggests support among some lawmakers for reversing the CFPB action, but insufficient chamber-wide agreement to advance the resolution.

Contention

The main point of contention is the role of the CFPB in regulating buy now, pay later lending and whether the agency should have withdrawn the underlying rule affecting digital user accounts. Supporters of the resolution likely view the withdrawal as weakening consumer protections or regulatory clarity, while opponents likely favor the CFPB’s decision to step back from the rule or object to Congress using the CRA to override agency action. The dispute centers on consumer protection, fintech regulation, and the scope of federal oversight of BNPL products.