GUIDANCE Act of 2026
- Bill Number
- H.R. 8777
- Origin Chamber
- House
- Congress
- 119th Congress, Session 2
- Policy Area
- Finance and Financial Sector
- Status
- Introduced
- Latest Action
- 2026-05-13: Referred to the House Committee on Financial Services.
- Last Updated
- 2026-06-01T16:07:55Z
AI-Generated Summary
Purpose The legislation, titled the "Guidance Upholding Integrity through Defense of Americans' National Consumer Enforcement Act of 2026" (GUIDANCE Act of 2026), aims to restore previously issued guidance and rules from the Bureau of Consumer Financial Protection (CFPB) by nullifying their recent withdrawals.
Key Provisions
- The bill declares that 23 specific CFPB rules—each published in the Federal Register on May 12, 2025 (90 Fed. Reg. 20084)—have no legal force or effect.
- These rules had withdrawn earlier CFPB guidance and interpretations on topics including:
- Fair Credit Reporting Act preemption of state laws
- Data protection and security for consumer information
- Examinations related to active-duty servicemembers
- Debt collection practices, including medical debt
- Overdraft opt-in practices
- Whistleblower protections
- Lending discrimination
- Consumer protections for contracts for deed
- Successors-in-interest under ability-to-repay rules
- Changes to credit terms
- Permissible purposes for consumer reports
- In-person debt collection
- Medical debt and the No Surprises Act
- Returned deposited item fees
- Reopening closed deposit accounts
- Remittance transfer marketing
- Name-only matching in credit reporting
- Prohibition on abusive acts or practices
- Investigation of consumer reporting disputes
- Billing after student loan bankruptcy discharges
- Negative option marketing
- File disclosure requirements
- Unenforceable contract terms
Significant Changes to Existing Law This Act reverses administrative withdrawals issued in 2025, thereby reinstating the original CFPB guidance and circulars that were in effect prior to those withdrawals. It does not create new rules but prevents the 2025 withdrawal actions from taking effect.
Potential Impacts
- Government agencies: Strengthens the CFPB’s ability to enforce prior interpretations without needing new rulemaking.
- Citizens: May result in continued or renewed application of consumer protections in areas such as credit reporting, debt collection, and financial services marketing.
- Financial institutions: Could face renewed scrutiny or compliance obligations under the restored guidance.
- No direct effects on international relations are addressed in the legislation.
Main Stakeholders Affected
- The CFPB and its enforcement staff
- Consumers using credit, banking, and debt-related services
- Banks, credit unions, credit reporting agencies, debt collectors, and remittance providers
- Servicemembers and their families
Notable Legal, Constitutional, or Political Implications The bill uses Congress’s legislative authority to override specific agency actions, illustrating the separation of powers between the legislative and executive branches in regulating consumer financial protections. It does not raise apparent constitutional issues but reflects congressional intervention in administrative policy.
This summary was generated by AI and may contain inaccuracies. Refer to the official source document for the authoritative text.
Sponsor
Recent Actions
- 2026-05-13: Referred to the House Committee on Financial Services.
- 2026-05-13: Introduced in House
- 2026-05-13: Introduced in House
Bill Versions
- Guidance Upholding Integrity through Defense of Americans’ National Consumer Enforcement Act of 2026 — issued 2026-05-13 — PDF (7 pages)