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Rep. Frost Urges CFPB Probe of High-Fee Rent-Now-Pay-Later

7/1/2026

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Summary

Story summary

Rep. Maxwell Frost, citing debt, wrote to Consumer Financial Protection Bureau (CFPB) Director Russell Vought requesting an investigation of the rent-now-pay-later (RNPL) market.
Frost said many RNPL products charge high fees and function like payday loans, demanding greater consumer disclosure.
A February report urged RNPL firms to meet Truth in Lending Act (TILA) standards, which the industry rejected.

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Story summary

Rep. Maxwell Frost, citing debt, wrote to Consumer Financial Protection Bureau (CFPB) Director Russell Vought requesting an investigation of the rent-now-pay-later (RNPL) market.
Frost said many RNPL products charge high fees and function like payday loans, demanding greater consumer disclosure.
A February report urged RNPL firms to meet Truth in Lending Act (TILA) standards, which the industry rejected.