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 "Examinations for Risks to Active-Duty Servicemembers and Their Covered Dependents".
- Bill Number
- S.J.Res. 132
- 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 Yea-Nay Vote. 48 - 52. Record Vote Number: 121. (consideration: CR S2264-2265)
- Last Updated
- 2026-05-21T14:46:39Z
AI-Generated Summary
Purpose
This joint resolution (S.J. Res. 132) uses the Congressional Review Act (CRA, a law allowing Congress to overturn certain federal agency rules) to block a Bureau of Consumer Financial Protection (CFPB) action. Specifically, it disapproves the CFPB's 2025 rule that withdrew a 2021 CFPB rule on examinations for risks to active-duty servicemembers and their covered dependents (e.g., spouses or children protected under military consumer laws).
Key Provisions
- Disapproval of CFPB rule: Targets the CFPB's withdrawal notice (90 Fed. Reg. 20084, May 12, 2025), which aimed to eliminate the 2021 rule (86 Fed. Reg. 32723, June 23, 2021).
- No force or effect: If passed, the withdrawal is voided, preserving the original 2021 rule.
- Procedural notes: Introduced by Sen. Reed (D-RI) on March 18, 2026; committee discharged by petition under CRA rules and placed on Senate calendar on April 27, 2026.
Significant Changes to Existing Law
- Reinstates 2021 rule: Prevents CFPB from scrapping its prior requirement for financial institutions to undergo exams checking for risks like high-interest loans or unfair practices targeting servicemembers and dependents.
- No new laws created; relies on CRA to override agency action without needing presidential signature if passed by both chambers.
Potential Impacts
- Government agencies: Limits CFPB's rulemaking flexibility, forcing continued enforcement of the 2021 examinations.
- Citizens (servicemembers/dependents): Maintains oversight to protect against financial harms, such as predatory lending.
- Financial sector: Lenders and banks remain subject to these specific CFPB exams, potentially increasing compliance costs.
- No direct international relations impact.
Main Stakeholders Affected
- Active-duty servicemembers and dependents: Benefit from ongoing protections.
- CFPB: Loses ability to withdraw the rule, affecting its regulatory priorities.
- Financial institutions: Face continued examination requirements.
- Congress: Asserts oversight over executive branch agencies via CRA.
Notable Legal, Constitutional, or Political Implications
- Legal: Strengthens CRA as a tool for Congress to review and nullify agency rules within a 60-day window; the 2021 rule stays active unless repealed another way.
- Constitutional: Reinforces congressional authority over executive agencies (separation of powers).
- Political: Highlights partisan or bipartisan efforts to protect military families; fast-tracked via petition, bypassing committee, signaling urgency in Senate process. Neutral on broader policy debates.
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 Yea-Nay Vote. 48 - 52. Record Vote Number: 121. (consideration: CR S2264-2265) (Roll call 121)
- 2026-04-27: Placed on Senate Legislative Calendar under General Orders. Calendar No. 388.
- 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 Examinations for Risks to Active-Duty Servicemembers and Their Covered Dependents. — 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 Examinations for Risks to Active-Duty Servicemembers and Their Covered Dependents. — issued 2026-04-27 — PDF (4 pages)