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; Name-Only Matching Procedures".
- Bill Number
- S.J.Res. 140
- 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 S2267)
- Last Updated
- 2026-05-20T19:31:52Z
AI-Generated Summary
Purpose
This joint resolution (S.J. Res. 140) uses the Congressional Review Act (CRA, under chapter 8 of title 5, U.S. Code) to disapprove a rule issued by the Bureau of Consumer Financial Protection (CFPB). The targeted rule withdraws an earlier CFPB regulation on "Fair Credit Reporting; Name-Only Matching Procedures" (originally published November 10, 2021, at 86 Fed. Reg. 62468). By disapproving the withdrawal, the resolution aims to keep the original 2021 rule in effect.
Key Provisions
- Disapproval of specific rule: Targets the CFPB's withdrawal rule (published May 12, 2025, at 90 Fed. Reg. 20084).
- No force or effect: The withdrawal rule is nullified upon passage, preventing the original 2021 rule from being removed.
- Legislative process: Introduced March 19, 2026, by Sen. Warnock; committee discharged by petition under 5 U.S.C. 802(c) and placed on Senate calendar April 27, 2026.
Significant Changes to Existing Law
- Reinstatement of 2021 rule: Reverses the CFPB's attempt to eliminate requirements for credit reporting agencies to use more accurate matching procedures beyond just names (e.g., incorporating addresses or Social Security numbers to reduce errors).
- No new rules allowed: Under CRA, the CFPB cannot issue a substantially similar rule without new congressional authorization.
Potential Impacts
- On consumers: Improves accuracy in credit reports by mandating better matching methods, potentially reducing identity theft, errors, or denied credit due to mismatches.
- On government agencies: Limits CFPB's regulatory flexibility; reinforces congressional oversight of financial rulemaking.
- On businesses: Credit reporting agencies (e.g., Equifax, Experian) must continue complying with enhanced matching standards, increasing operational costs but promoting fairness.
- No direct international effects.
Main Stakeholders Affected
- Consumers: Benefit from more precise credit reporting.
- CFPB: Regulatory authority curtailed on this issue.
- Credit reporting agencies and financial institutions: Must adhere to the original rule's standards.
- Congress: Asserts control over agency actions via CRA.
Notable Legal, Constitutional, or Political Implications
- Legal: Invokes CRA's fast-track process (simple majority vote, no amendments, not subject to filibuster), highlighting Congress's power to review agency rules within 60 legislative days of submission.
- Constitutional: Balances executive rulemaking with legislative oversight under Article I.
- Political: Demonstrates bipartisan potential of CRA (though introduced by a Democrat); committee bypass via petition shows urgency in overriding agency decisions. No broader constitutional challenges noted in the text.
This summary was generated by AI and may contain inaccuracies. Refer to the official source document for the authoritative text.
Sponsor
Sen. Warnock, Raphael G. [D-GA]
Recent Actions
- 2026-05-13: Motion to proceed to consideration of measure rejected in Senate by Voice Vote. (consideration: CR S2267)
- 2026-04-27: Placed on Senate Legislative Calendar under General Orders. Calendar No. 392.
- 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).
- 2026-03-19: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 2026-03-19: 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; Name-Only Matching Procedures. — issued 2026-03-19
- 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; Name-Only Matching Procedures. — issued 2026-04-27 — PDF (4 pages)