Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to the withdrawal of the rule relating to "Equal Credit Opportunity (Regulation B); Revocations or Unfavorable Changes to the Terms of Existing Credit Arrangements".
- Bill Number
- H.J.Res. 164
- Origin Chamber
- House
- Congress
- 119th Congress, Session 2
- Policy Area
- Finance and Financial Sector
- Status
- Introduced
- Latest Action
- 2026-04-30: Referred to the House Committee on Financial Services.
- Last Updated
- 2026-05-15T18:59:24Z
AI-Generated Summary
Purpose This joint resolution uses the Congressional Review Act to disapprove a rule issued by the Bureau of Consumer Financial Protection. The rule had withdrawn an earlier regulation on how creditors handle revocations or unfavorable changes to existing credit arrangements under the Equal Credit Opportunity Act (Regulation B).
Key Provisions
- Congress formally disapproves the Bureau’s rule published at 90 Fed. Reg. 20084 (May 12, 2025).
- The disapproved rule is declared to have no force or effect.
- The disapproval targets the withdrawal of the prior rule published at 87 Fed. Reg. 30097 (May 18, 2022).
Significant Changes to Existing Law The resolution nullifies the Bureau’s 2025 withdrawal action, thereby preventing that withdrawal from taking effect and leaving the 2022 rule in place. No other statutes are amended.
Potential Impacts
- Government agencies: The Bureau of Consumer Financial Protection cannot enforce the withdrawn rule, preserving the regulatory framework from 2022.
- Citizens and businesses: Lenders and consumers continue to operate under the standards set in the 2022 rule regarding changes to credit terms.
- No direct effects on international relations are stated.
Main Stakeholders Affected
- The Bureau of Consumer Financial Protection.
- Financial institutions and lenders subject to Regulation B.
- Consumers who hold existing credit arrangements.
Notable Legal, Constitutional, or Political Implications The measure exercises Congress’s authority under the Congressional Review Act to overturn an agency action through a joint resolution, which requires presidential signature to take effect. This process provides a legislative check on executive-branch rulemaking without altering the underlying statute.
This summary was generated by AI and may contain inaccuracies. Refer to the official source document for the authoritative text.
Sponsor
Recent Actions
- 2026-04-30: Referred to the House Committee on Financial Services.
- 2026-04-30: Introduced in House
- 2026-04-30: Introduced in House
Bill Versions
- Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to the withdrawal of the rule relating to "Equal Credit Opportunity (Regulation B); Revocations or Unfavorable Changes to the Terms of Existing Credit Arrangements". — issued 2026-04-30 — PDF (2 pages)