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# CFPB Withdraws 2024 BNPL Interpretive Rule Classifying Buy Now Pay Later as Credit Cards
- URL: https://www.theglobalbanker.com/cfpb-withdraws-2024-bnpl-interpretive-rule-classifying-buy-now-pay-later-credit-cards/
- Published: 2025-05-12T15:34:00.000Z
- Updated: 2026-11-06T15:06:00.000Z
- Description: The CFPB has formally withdrawn its May 2024 interpretive rule that classified BNPL products as credit cards under the Truth in Lending Act.
- Author: TGB Editorial Team
- Tags: Regulations, Americas, #archive

The Consumer Financial Protection Bureau has formally withdrawn the interpretive rule it issued in May 2024 that classified buy now, pay later products as credit cards subject to the protections and obligations of the Truth in Lending Act. The withdrawal, published in the Federal Register on 12 May 2025, followed the bureau's statement on 6 May 2025 that it would not prioritise enforcement of the rule.

By treating BNPL as equivalent to a credit card under TILA, the bureau had sought to extend to BNPL users the same rights that apply to traditional revolving credit, including the right to dispute charges and receive periodic statements.

#### INDUSTRY LEGAL CHALLENGE PRECEDED WITHDRAWAL

The Financial Technology Association had filed a lawsuit in October 2024 arguing that the interpretive rule violated the Administrative Procedure Act. The FTA, which represents major BNPL providers and other fintech companies, contended that the bureau had overstepped its authority by using an interpretive rule — a mechanism that does not require the full notice-and-comment rulemaking process — to impose what amounted to substantive new obligations on an entire product category.

The bureau retains its supervisory and enforcement authority under other provisions of consumer financial protection law. The withdrawal of the TILA credit-card classification removes the specific compliance obligations — including dispute resolution rights and periodic disclosure requirements — that the 2024 rule had sought to impose.