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 2024-02: Deceptive Marketing Practices About the Speed or Cost of Sending a Remittance Transfer".
- Bill Number
- H.J.Res. 175
- 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
- 2026-05-18T15:52:33Z
AI-Generated Summary
Purpose
This joint resolution (H.J. Res. 175) uses the Congressional Review Act—a law allowing Congress to overturn certain federal agency rules—to block the Bureau of Consumer Financial Protection (CFPB) from withdrawing its earlier guidance on deceptive marketing in remittance transfers. Remittance transfers are money sent from one country to another, often by immigrants to family abroad. The goal is to keep the original CFPB guidance (Circular 2024-02) in effect, which warns against misleading consumers about the speed or cost of these transfers.
Key Provisions
- Disapproval of withdrawal rule: Congress explicitly disapproves the CFPB's rule (published May 12, 2025, at 90 Fed. Reg. 20084) that attempted to withdraw Circular 2024-02 (published April 17, 2024, at 89 Fed. Reg. 27357).
- No force or effect: The withdrawal rule is nullified, meaning the original Circular remains active and enforceable.
Significant Changes to Existing Law
- Reverses the CFPB's decision to pull back its own guidance, reinstating rules against companies advertising false information about how quickly or cheaply remittances arrive.
- No new laws are created; it simply restores the status quo before the withdrawal.
Potential Impacts
- On consumers: Protects people sending money abroad (e.g., via apps or wire services) from misleading ads, potentially saving money and reducing frustration from delays or hidden fees.
- On businesses: Remittance providers (like Western Union or MoneyGram) must continue following the guidance, facing CFPB enforcement for deceptive practices.
- On government: Limits CFPB's ability to retract its own rules without congressional approval; could slow future regulatory changes.
- Minimal direct impact on international relations, though it affects cross-border money flows.
Main Stakeholders
- Consumers: Especially immigrants and low-income senders relying on accurate transfer info.
- Remittance industry: Companies handling transfers, now bound by the reinstated rules.
- CFPB: Regulatory agency overseeing consumer financial protections.
- Congress: Asserts oversight over executive branch rulemaking.
Notable Legal, Constitutional, or Political Implications
- Legal: Invokes the Congressional Review Act (5 U.S.C. Chapter 8), a fast-track tool for Congress to veto agency actions within 60 legislative days; if passed and signed/enacted, it's immune from judicial review.
- Constitutional: Reinforces Congress's oversight of executive agencies under Article I (legislative power).
- Political: Demonstrates bipartisan or partisan checks on regulatory "flip-flopping"; introduced by Rep. Torres (D-NY) and referred to House Financial Services Committee, potentially signaling tensions over consumer protections in a changing administration.
This summary was generated by AI and may contain inaccuracies. Refer to the official source document for the authoritative text.
Sponsor
Rep. Torres, Ritchie [D-NY-15]
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 2024–02: Deceptive Marketing Practices About the Speed or Cost of Sending a Remittance Transfer". — issued 2026-05-04 — PDF (2 pages)