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 "Consumer Financial Protection Circular 2024-02: Deceptive Marketing Practices About the Speed or Cost of Sending a Remittance Transfer".
- Bill Number
- S.J.Res. 131
- 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 S2269-2270)
- Last Updated
- 2026-05-19T18:31:35Z
AI-Generated Summary
Purpose
This joint resolution (S.J. Res. 131) uses the Congressional Review Act (a law allowing Congress to block certain federal agency rules) to disapprove a rule by the Bureau of Consumer Financial Protection (CFPB, a government agency that protects consumers in financial matters). The goal is to block the CFPB's decision to withdraw its earlier guidance, called "Consumer Financial Protection Circular 2024-02," which warned against deceptive advertising by companies about the speed or cost of remittance transfers (services for sending money, often internationally, like wiring cash to family abroad).
Key Provisions
- Disapproval of withdrawal rule: Congress explicitly disapproves the CFPB rule published on May 12, 2025 (90 Fed. Reg. 20084), which aimed to pull back Circular 2024-02 (published April 17, 2024, at 89 Fed. Reg. 27357).
- No force or effect: The withdrawal rule is nullified, meaning Circular 2024-02 remains active and enforceable.
- Procedural path: Introduced March 18, 2026, by Sen. Gallego; committee bypassed via petition under 5 U.S.C. 802(c); placed on Senate calendar April 27, 2026.
Significant Changes to Existing Law
- Reverses the CFPB's attempt to eliminate its own 2024 guidance, reinstating requirements for remittance providers to avoid misleading claims (e.g., false promises of "instant" transfers or hidden fees).
- No new laws created; relies on existing Congressional Review Act authority to override agency rulemaking.
Potential Impacts
- On government agencies: Limits CFPB's flexibility to retract prior guidance, potentially increasing enforcement scrutiny on remittance marketing.
- On citizens: Strengthens consumer protections for the 50+ million Americans using remittances (often immigrants), reducing risk of scams or surprises in transfer speed/costs.
- On businesses: Remittance companies (e.g., banks, Western Union) must comply with the original circular's standards, facing possible CFPB penalties for violations.
- International relations: Minor; remittances often cross borders, so clearer U.S. rules could aid trust in global money flows but add compliance burdens for foreign-linked firms.
Main Stakeholders Affected
- CFPB: Loses ability to withdraw its rule; must uphold/enforce the circular.
- Remittance providers: Banks, money transfer apps/services directly regulated.
- Consumers: Senders/receivers of remittances, especially low-income or immigrant communities.
- Congress: Asserts oversight over executive agencies.
Notable Legal, Constitutional, or Political Implications
- Legal: Exemplifies Congressional Review Act in action (used 20+ times since 1996), treating the withdrawal as a "rule" subject to fast-track disapproval (simple majority vote, no amendments).
- Constitutional: Reinforces Congress's Article I rulemaking oversight vs. executive agencies; no apparent challenges.
- Political: Signals bipartisan or petition-driven pushback on CFPB (committee discharge unusual), amid debates on agency overreach in consumer finance.
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 S2269-2270)
- 2026-04-27: Placed on Senate Legislative Calendar under General Orders. Calendar No. 387.
- 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).
- 2026-03-18: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 2026-03-18: 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 Consumer Financial Protection Circular 2024–02: Deceptive Marketing Practices About the Speed or Cost of Sending a Remittance Transfer. — issued 2026-03-18 — 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 Consumer Financial Protection Circular 2024–02: Deceptive Marketing Practices About the Speed or Cost of Sending a Remittance Transfer. — issued 2026-04-27 — PDF (4 pages)