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 "Consumer Financial Protection Circular 2023-02: Reopening Deposit Accounts That Consumers Previously Closed".
- Bill Number
- H.J.Res. 173
- Origin Chamber
- House
- Congress
- 119th Congress, Session 2
- Policy Area
- Finance and Financial Sector
- Status
- Introduced
- Latest Action
- 2026-05-04: Referred to the House Committee on Financial Services.
- Last Updated
- 2026-05-18T15:11:05Z
AI-Generated Summary
Purpose
This joint resolution (H.J. Res. 173) uses the Congressional Review Act (CRA)—a law allowing Congress to overturn certain federal agency rules—to disapprove and nullify a specific rule issued by the Bureau of Consumer Financial Protection (CFPB). The targeted rule withdraws an earlier CFPB guidance document on financial institutions reopening deposit accounts that consumers had previously closed.
Key Provisions
- Disapproval of CFPB rule: Congress explicitly disapproves the CFPB's rule published at 90 Fed. Reg. 20084 (May 12, 2025), which withdrew Consumer Financial Protection Circular 2023-02 (88 Fed. Reg. 33545, May 24, 2023).
- No force or effect: The withdrawn status of the original circular is voided, effectively reinstating the 2023 circular as active guidance.
- Introduced: May 4, 2026, by Rep. Meeks; referred to the House Committee on Financial Services.
Significant Changes to Existing Law
- No direct changes to statutes; instead, it invokes the CRA (chapter 8 of title 5, U.S. Code) to reverse an agency's decision to withdraw its own prior guidance.
- Restores the 2023 CFPB circular, which likely outlined enforcement expectations for banks and credit unions on practices like forcibly reopening closed consumer deposit accounts (e.g., to collect fees or debts).
Potential Impacts
- On government agencies: Limits CFPB's ability to retract its own consumer protection guidance, subjecting future withdrawals to potential congressional override.
- On citizens (consumers): Reinforces protections against unwanted reopening of closed bank accounts, potentially reducing surprise fees or collections.
- On financial institutions: Requires compliance with the reinstated 2023 circular, which may restrict practices like reopening accounts without clear consumer consent.
- No direct impact on international relations.
Main Stakeholders Affected
- CFPB: Loses authority over the withdrawn rule.
- Consumers: Benefit from ongoing guidance protecting against unauthorized account reopenings.
- Banks and financial institutions: Must adhere to the original circular's standards on deposit account handling.
- Congress: Exercises oversight via CRA.
Notable Legal, Constitutional, or Political Implications
- Legal: Exemplifies CRA's "lookback" window, allowing Congress to review and block agency actions (including withdrawals) within 60 legislative days; binds agencies without need for presidential signature if passed by both chambers.
- Constitutional: Reinforces Congress's Article I oversight of executive agencies, checking "administrative state" actions.
- Political: Signals partisan or bipartisan pushback on CFPB regulations, potentially influencing future consumer finance rulemaking amid debates on agency independence.
This summary was generated by AI and may contain inaccuracies. Refer to the official source document for the authoritative text.
Sponsor
Rep. Meeks, Gregory W. [D-NY-5]
Recent Actions
- 2026-05-04: Referred to the House Committee on Financial Services.
- 2026-05-04: Introduced in House
- 2026-05-04: 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 "Consumer Financial Protection Circular 2023–02: Reopening Deposit Accounts That Consumers Previously Closed". — issued 2026-05-04 — PDF (2 pages)