Lawmakers Urge CFPB to Probe 'Rent Now, Pay Later' Firms

WHO:

AP News - Rep. Maxwell Frost, D-Florida, is a Democratic member of Congress advocating for the investigation.

AP News - Russell Vought is the Acting Director of the Consumer Financial Protection Bureau (CFPB).

AP News - Companies mentioned include Flex, Livble, and Affirm, which are involved in the rent now, pay later industry.

WHAT:

AP News - Rep. Frost sent a letter to the CFPB urging an investigation into rent now, pay later companies.

AP News - Rent now, pay later companies allow renters to split their monthly rent into smaller payments, such as four weekly payments of $250 for a $1,000 rent bill.

AP News - Some users of these services reported paying as much as $50 a month to split their rent.

AP News - Bilt is a company that allows some renters to pay rent through its credit card and rewards platform, claiming to have more than 5 million members.

WHERE:

AP News - The investigation is being urged in the United States, specifically mentioning Washington where Rep. Frost resides.

WHEN:

AP News - Vought’s tenure at the CFPB is set to end this summer.

AP News - President Trump has nominated Brian Johnson to be the next permanent director of the CFPB.

WHY:

AP News - Rep. Frost believes that Americans may not understand the fees and cost structure of rent now, pay later products.

AP News - Frost's personal experience with buy now, pay later services led him to advocate for consumer protection.

AP News - A report by Protect Borrowers and Toward Justice argued that some RNPL companies should comply with the Truth in Lending Act.

HOW:

AP News - Frost is using a letter to the CFPB as a first step to gather information for potential legislation if Democrats regain control of Congress.

(UPDATED July 2, 2026 04:24 UTC)

Representative Maxwell Frost from Florida is calling for an investigation into rent now, pay later companies, urging the Consumer Financial Protection Bureau, led by Acting Director Russell Vought, to look into the fees and cost structures associated with these services. These companies, including Flex, Livble, and Affirm, allow renters to break down their monthly rent into smaller payments, but some users have reported paying additional fees, such as $50 a month, to use these options. Frost's push for this investigation stems from his belief that many Americans may not fully understand the implications of these financial products, and he is taking this step as a precursor to potential legislation if Democrats regain control of Congress.