{"database": "press", "table": "releases", "rows": [["https://www.reed.senate.gov/news/releases/reed-and-ross-intro-bicameral-proposal-to-better-protect-consumers_crack-down-on-abusive-practices-in-the-buy-now-pay-later-industry", "Reed & Ross Intro Bicameral Proposal to Better Protect Consumers & Crack Down on Abusive Practices in the Buy Now, Pay Later Industry", "2025-12-18", "2025", "2025-12", "Democrat", "Senate", "RI", "Jack Reed", "R000122", "www.reed.senate.gov", "jackreed", "https://www.reed.senate.gov/news/releases", "scraper", "WASHINGTON, DC \u2013 During this year\u2019s busy holiday shopping period from Black Friday to Cyber Monday, consumers spent a record amount of over $1 billion in purchases with Buy Now, Pay Later (BNPL) options, according to data from Adobe Analytics.\n\nAs shopping gets more convenient for consumers online and on their phones, BNPL loans have continued on a path of explosive growth. While BNPL allows consumers weary of credit cards to split up their purchases over time, it is crucial to ensure that the rulebook for BNPL products keeps pace with how they have become embedded in the shopping experience for many consumers\u2014especially younger borrowers.\n\nU.S. Senator Jack Reed (D-RI) and U.S. Representative Deborah Ross (D-NC-02) today introduced a new bill that would make commonsense updates to the Truth in Lending Act (TILA) to extend many key consumer protections for traditional credit cards to \u201cpay-in-four\u201d BNPL loans.\n\nThe Buy Now, Pay Later Protection Act would update TILA so that when BNPL functions like a credit card, it carries the same core protections: commonsense parity for consumers and a level playing field for responsible providers.\n\nBNPL products have surged in popularity as an easy, convenient way to split purchases into interest-free installments at the click of a button. If they are well-designed, transparent, accountable, and supervised, BNPL products can legitimately serve an important role in meeting the needs of consumers who may be wary of credit cards.\n\nAs costs rise and usage of BPNL products increases across the nation, basic protections are needed to prevent predatory practices like hidden fees, failure to provide timely refunds, and pushing consumers to rack up unsustainable debt. These protections\u2014which currently exist for credit cards\u2014include standardized periodic statements, clear dispute and refund rights, and consistent billing-error procedures. Existing laws were not drafted with BNPL products in mind, resulting in gaps and uncertainty for BNPL users.\n\n\u201cResponsible Buy Now, Pay Later options can be helpful to consumers. As they grow in popularity, we must take proactive steps to prevent unsuspecting risks to consumers,\u201d said Senator Reed, who has taken repeated action to push for commonsense guidelines and rules to better govern BNPL products. \u201cThe Buy Now, Pay Later Protection Act will set up real guardrails to better protect consumers and ensure that fees and terms are transparent and easy to understand.\u201d\n\n\u201cAt a time when prices are rising, Buy Now, Pay Later is a useful tool for many households, especially around the holidays. Unfortunately, these services are increasingly engaging in predatory practices, charging hidden fees and locking working Americans into inescapable cycles of debt,\u201d said Congresswoman Deborah Ross. \u201cCongress needs to put consumers first. That\u2019s why we\u2019re introducing the Buy Now, Pay Later Protection Act, which will ensure consumers have the options and information they need to make informed decisions.\u201d\n\nKey provisions of Senator Reed and Congresswoman Ross\u2019 bill include:\n\nDisclosures: Clear information on due dates, fees, and information on how consumers can dispute charges.\n\nRight to Periodic Statements: BNPL providers must issue periodic billing statements, similar to credit cards, so consumers can track their spending and balances.\n\nChargeback Rights: When customers are the victims of payment fraud or deceptive practices, they have the right to seek a chargeback.\n\nBilling Error Resolution: Provides timelines and procedures for investigating billing disputes and restricts adverse credit reporting or collection on transactions under active dispute.\n\nNo Surprise Fees: Providers can\u2019t jack up interest, fees, or other charges on an existing BNPL balance midway through repayment and can only apply fees that were disclosed up front.\n\nSupervision: Provides the CFPB with authority to supervise BNPL lenders to spot violations before they spiral out of control.\n\nThis legislation is endorsed by the National Consumer Law Center (on behalf of its low-income clients), American for Financial Reform, and the Consumer Federation of America.", 1, "2026-03-30T01:40:41Z", "2026-04-06T20:09:11Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://www.reed.senate.gov/news/releases/reed-and-ross-intro-bicameral-proposal-to-better-protect-consumers_crack-down-on-abusive-practices-in-the-buy-now-pay-later-industry"], "units": {}, "query_ms": 0.8392692543566227, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}