A joint resolution 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 Debt Collection Practices Act (Regulation F); Time-Barred Debt".
- Bill Number
- S.J.Res. 126
- Origin Chamber
- Senate
- Congress
- 119th Congress, Session 2
- Policy Area
- Finance and Financial Sector
- Status
- Introduced
- Latest Action
- 2026-05-13: Motion to proceed to consideration of measure rejected in Senate by Voice Vote. (consideration: CR S2269)
- Last Updated
- 2026-05-19T18:38:12Z
AI-Generated Summary
Purpose
This joint resolution (S.J. Res. 126) uses the Congressional Review Act (CRA, under chapter 8 of title 5, U.S. Code) to disapprove a rule by the Bureau of Consumer Financial Protection (CFPB). Specifically, it targets the CFPB's decision to withdraw its 2023 rule on "time-barred debt" under the Fair Debt Collection Practices Act (Regulation F). Time-barred debt refers to old debts past the legal time limit (statute of limitations) for lawsuits to collect them.
Key Provisions
- Disapproves the CFPB rule published at 90 Fed. Reg. 20084 (May 12, 2025), which withdrew the earlier rule at 88 Fed. Reg. 26475 (May 1, 2023).
- States that the disapproved withdrawal rule "shall have no force or effect," effectively blocking the withdrawal.
Significant Changes to Existing Law
- Reverses the CFPB's 2025 withdrawal, reinstating the 2023 Regulation F rule on time-barred debt.
- No new laws are created; it leverages the CRA to nullify an agency action without needing presidential approval if passed by Congress.
Potential Impacts
- On government agencies: Limits CFPB's ability to retract its own consumer protection rules, potentially increasing oversight via Congress.
- On citizens: Strengthens protections for consumers with old debts by keeping restrictions on debt collectors (e.g., preventing misleading claims about lawsuits).
- On debt collectors: Reimposes limits from the 2023 rule, such as requirements to disclose that debts are time-barred and cannot be sued upon.
- No direct impact on international relations.
Main Stakeholders Affected
- Consumers: Benefit from reinstated protections against aggressive collection of unenforceable old debts.
- Debt collectors and financial industry: Face renewed compliance requirements under the 2023 rule.
- CFPB: Regulatory authority is checked by Congress.
- Congress: Exercises fast-track disapproval power under the CRA (bypassing committee process, as seen in the petition to discharge the committee).
Notable Legal, Constitutional, or Political Implications
- Legal: Demonstrates CRA's use to reverse an agency's decision to withdraw a rule, not just block new ones—a rare application that could set precedent for future disputes.
- Constitutional: Reinforces Congress's oversight of executive agencies under Article I, balancing delegated rulemaking authority.
- Political: Introduced by Sen. Kim (R), reflects partisan efforts to preserve consumer protections; passage requires simple majorities in both chambers and no presidential signature (or veto override). Placed on Senate calendar via petition under 5 U.S.C. 802(c), expediting review.
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: Motion to proceed to consideration of measure rejected in Senate by Voice Vote. (consideration: CR S2269)
- 2026-04-27: Placed on Senate Legislative Calendar under General Orders. Calendar No. 382.
- 2026-04-27: Senate Committee on Banking, Housing, and Urban Affairs discharged, by petition, pursuant to 5 U.S.C. 802(c).
- 2026-04-27: Senate Committee on Banking, Housing, and Urban Affairs discharged, by petition, pursuant to 5 U.S.C. 802(c).
- 2026-03-17: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 2026-03-17: Introduced in Senate
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 Debt Collection Practices Act (Regulation F); Time-Barred Debt. — issued 2026-03-17 — PDF (2 pages)
- 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 Debt Collection Practices Act (Regulation F); Time-Barred Debt. — issued 2026-04-27 — PDF (4 pages)