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 "The Fair Credit Reporting Act's Limited Preemption of State Laws".
- Bill Number
- H.J.Res. 170
- 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
- 2026-05-15T17:06:14Z
AI-Generated Summary
Purpose
This joint resolution (H.J. Res. 170) uses the Congressional Review Act (a law allowing Congress to overturn certain federal agency rules) to disapprove a rule by the Bureau of Consumer Financial Protection (CFPB). Specifically, it targets the CFPB's decision to withdraw a prior rule clarifying the Fair Credit Reporting Act's (FCRA) limited preemption of state laws (a 2022 rule published in the Federal Register at 87 Fed. Reg. 41042).
Key Provisions
- Direct disapproval: Congress explicitly disapproves the CFPB's withdrawal rule (published May 12, 2025, at 90 Fed. Reg. 20084).
- No force or effect: The withdrawal rule is nullified, meaning the original 2022 FCRA preemption rule remains in place.
Significant Changes to Existing Law
- Reinstates 2022 CFPB rule: Prevents the CFPB from withdrawing its interpretation of FCRA's "limited preemption," which limits how much federal law overrides state consumer protection laws related to credit reporting.
- No new laws created; instead, it blocks an agency action via fast-track congressional override.
Potential Impacts
- Government agencies: Limits CFPB's flexibility to revise its own rules, potentially requiring future changes through rulemaking or legislation.
- Citizens and consumers: Maintains federal standards on credit reporting, which could standardize protections across states but limit stronger state-specific rules.
- No direct international relations impact.
Main Stakeholders Affected
- CFPB: Loses ability to withdraw the rule.
- Financial institutions and credit reporting agencies (e.g., Equifax, Experian): Benefit from continued federal preemption, reducing compliance with varying state laws.
- Consumers: Affected by ongoing federal limits on state credit reporting regulations.
- State governments: Restricted from enacting broader consumer protections that might conflict with federal FCRA standards.
Notable Legal, Constitutional, or Political Implications
- Legal: Invokes the Congressional Review Act for a simple-majority vote (no filibuster in Senate), highlighting Congress's oversight of agency actions. FCRA preemption (15 U.S.C. § 1681t) balances federal uniformity with state authority.
- Constitutional: Reinforces separation of powers by checking executive branch rulemaking.
- Political: Introduced by Rep. Maxine Waters (D-CA) and referred to House Financial Services Committee; signals partisan divides on consumer financial regulation.
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 "The Fair Credit Reporting Act’s Limited Preemption of State Laws". — issued 2026-04-30 — PDF (2 pages)