Examining Consumer Choice in Digital Payments Act

HR 8628, the Examining Consumer Choice in Digital Payments Act, prohibits the Consumer Financial Protection Bureau (CFPB) from creating new rules or guidance about "buy now, pay later" (BNPL) payment services until two specific studies are completed and reviewed. The bill requires the CFPB to study BNPL services - including their market size, consumer demographics, benefits, risks, and fraud potential - and the GAO to compare BNPL features to other credit products like credit cards. Both reports must be submitted to Congress within one year of the bill's enactment, after which the CFPB may proceed with new regulations. The bill also immediately withdraws an existing CFPB interpretive rule about BNPL services issued in May 2024.