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 Credit Reporting; File Disclosure".
- Bill Number
- S.J.Res. 127
- 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 S2268)
- Last Updated
- 2026-05-27T14:34:18Z
AI-Generated Summary
Purpose
This joint resolution (S.J. Res. 127) uses the Congressional Review Act (a law allowing Congress to overturn certain federal agency rules) to block the Bureau of Consumer Financial Protection (CFPB, a government agency overseeing consumer financial products) from withdrawing its earlier rule on "Fair Credit Reporting; File Disclosure."
Key Provisions
- Disapproval of CFPB action: Congress explicitly disapproves the CFPB's rule withdrawing the 2024 "Fair Credit Reporting; File Disclosure" rule (published January 23, 2024, at 89 Fed. Reg. 4167).
- No force or effect: The withdrawal rule (published May 12, 2025, at 90 Fed. Reg. 20084) is nullified and cannot be implemented.
- Procedural history: Introduced March 17, 2026, by Senator Kim; committee discharged by petition under 5 U.S.C. 802(c) and placed on the Senate calendar April 27, 2026.
Significant Changes to Existing Law
- Prevents the CFPB from eliminating its 2024 rule, effectively reinstating or preserving requirements for how credit reporting agencies must disclose consumer credit files.
- No direct amendment to statutes; instead, it overrides an agency decision via the Congressional Review Act, which had not been finalized as withdrawn due to this action.
Potential Impacts
- Government agencies: Limits CFPB's ability to rescind its own rules, potentially increasing regulatory burdens on credit reporting.
- Citizens: Maintains consumer protections for accessing and understanding credit reports, aiding credit monitoring and dispute resolution.
- No international relations impact noted.
Main Stakeholders Affected
- Consumers: Benefit from continued access to detailed credit file disclosures.
- Credit reporting agencies (e.g., Equifax, Experian, TransUnion): Must comply with the original disclosure rule.
- CFPB: Faces congressional override of its deregulatory move.
- Financial institutions: Indirectly affected through ongoing credit reporting standards.
Notable Legal, Constitutional, or Political Implications
- Legal: Invokes the Congressional Review Act (5 U.S.C. Ch. 8), enabling expedited disapproval without presidential signature if passed by both chambers; strengthens congressional oversight of agency rulemaking.
- Constitutional: Reinforces separation of powers by allowing legislative check on executive branch agencies.
- Political: Demonstrates bipartisan or petition-driven process to bypass committee (via 5 U.S.C. 802(c)); could set precedent for challenging agency withdrawals of rules.
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 S2268)
- 2026-04-27: Placed on Senate Legislative Calendar under General Orders. Calendar No. 383.
- 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 Credit Reporting; File Disclosure. — 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 Credit Reporting; File Disclosure. — issued 2026-04-27 — PDF (4 pages)