The Consumer Financial Protection Bureau is reversing course under President Donald Trump on a prior agency plan to require buy now, pay later players to adhere to lending laws.

The federal agency, which has been targeted for cuts by the new president, said in an online post Tuesday that enforcement actions against BNPL players won’t be a priority, with the possible exception of those related to military service personnel or veterans.

“The Consumer Financial Protection Bureau is announcing today that it will not prioritize enforcement actions taken on the basis of the Truth in Lending” laws, the agency’s May 6 website post said. 

The bureau also said that it’s “contemplating” rescinding the BNPL interpretive rule issued last year during the Biden administration. The agency is currently overseen by Trump’s acting agency director, Russ Vought, who runs the Office of Management and Budget, but nominee Jonathan McKernan is awaiting confirmation for the post.

The moves are an about-face from the attempts by the Biden administration to impose safeguards for consumers using BNPL services by holding the providers accountable to U.S. and state lending laws. Such laws include parameters with respect to interest rates that can be charged for loans.

The Trump administration revealed its plan to do away with the rule in March as a part of litigation against it.

Last May, the agency, then under the direction of Director Rohit Chopra, issued the interpretive rule saying buy now, pay later companies’ services were the equivalent of those offered by credit card providers. As a result, the agency said BNPL providers would be expected to provide consumer protections similar to those required for credit card services, according to an agency press release at the time.

The biggest BNPL providers include Klarna, Affirm, Afterpay and Sezzle, but other banks, tech companies and financial services providers, such as Amazon and PayPal, have also entered the market with similar services.

Now, the BNPL payments providers will be less restricted under the Trump administration.

“The Bureau will instead keep its enforcement and supervision resources focused on pressing threats to consumers, particularly servicemen and veterans,” the CFPB website post said. “The Bureau takes this step in the interest of focusing resources on supporting hard-working American taxpayers, servicemen, veterans and small businesses.