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 "Fair Credit Reporting; Name-Only Matching Procedures".
- Bill Number
- H.J.Res. 177
- Origin Chamber
- House
- Congress
- 119th Congress, Session 2
- Policy Area
- Finance and Financial Sector
- Status
- Introduced
- Latest Action
- 2026-05-07: Referred to the House Committee on Financial Services.
- Last Updated
- 2026-05-20T19:32:08Z
AI-Generated Summary
Summary of H.J. Res. 177 (119th Congress, 2d Session)
Purpose
This joint resolution aims to block a decision by the Bureau of Consumer Financial Protection (CFPB), an agency that regulates consumer financial products, to withdraw a 2021 rule on credit reporting practices. By disapproving the withdrawal, Congress seeks to keep the original 2021 rule in place.
Key Provisions
- Uses the Congressional Review Act (a law allowing Congress to overturn certain federal agency rules) to disapprove the CFPB's rule withdrawing the 2021 credit reporting rule.
- Specifies the targeted CFPB action: withdrawal of "Fair Credit Reporting; Name-Only Matching Procedures" (published November 10, 2021, at 86 Fed. Reg. 62468; withdrawal notice at 90 Fed. Reg. 20084, May 12, 2025).
- Declares the withdrawal rule to have "no force or effect," effectively reinstating the original rule.
Significant Changes to Existing Law
- Reverses the CFPB's 2025 withdrawal, preserving the 2021 rule that sets standards for "name-only matching" in credit reports (a process where consumer identities are matched using only names, without additional identifiers like addresses or Social Security numbers, to improve accuracy and reduce errors).
Potential Impacts
- Government agencies: Limits CFPB's ability to rescind its own rules via the Congressional Review Act, potentially increasing congressional oversight of financial regulators.
- Citizens: Maintains protections in credit reporting to prevent mismatches based solely on names, which could reduce errors in credit files affecting loans, jobs, or housing.
- No direct international relations impact.
Main Stakeholders Affected
- Consumers: Benefit from ongoing safeguards against inaccurate credit reporting.
- Credit reporting agencies (e.g., Equifax, Experian, TransUnion): Must continue complying with name-only matching standards.
- Financial institutions: Affected indirectly through reliance on accurate credit data.
- CFPB: Loses authority over the withdrawn rule.
- Congress: Exercises direct control over agency rulemaking.
Notable Legal, Constitutional, or Political Implications
- Legal: Invokes the Congressional Review Act, a fast-track process for Congress to nullify agency rules without presidential signature if passed by both chambers and not vetoed; reinforces Congress's constitutional oversight of executive agencies.
- Constitutional: Aligns with separation of powers by checking agency rulemaking.
- Political: Introduced by Rep. Foster (D-IL) on May 7, 2026, and referred to the House Financial Services Committee; signals partisan or bipartisan interest in consumer protections versus regulatory flexibility. No broader policy shifts beyond this specific rule.
This summary was generated by AI and may contain inaccuracies. Refer to the official source document for the authoritative text.
Sponsor
Recent Actions
- 2026-05-07: Referred to the House Committee on Financial Services.
- 2026-05-07: Introduced in House
- 2026-05-07: 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 "Fair Credit Reporting; Name-Only Matching Procedures". — issued 2026-05-07 — PDF (2 pages)