A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the National Credit Union Administration relating to "Withdrawal of Fee Reporting Requirements".
- Bill Number
- S.J.Res. 142
- Origin Chamber
- Senate
- Congress
- 119th Congress, Session 2
- Policy Area
- Finance and Financial Sector
- Status
- Introduced
- Latest Action
- 2026-03-24: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Last Updated
- 2026-04-01T15:56:58Z
AI-Generated Summary
Purpose of the Legislation
This joint resolution (S.J. Res. 142) uses the Congressional Review Act (CRA)—a law allowing Congress to review and overturn certain federal agency rules—to disapprove a specific rule issued by the National Credit Union Administration (NCUA). The goal is to block the NCUA's decision to eliminate certain reporting requirements for fees charged by credit unions, thereby maintaining transparency in how credit unions handle member fees.
Key Provisions
- Disapproval of the Rule: Congress explicitly disapproves the NCUA rule titled "Withdrawal of Fee Reporting Requirements," issued on March 3, 2025.
- Nullification: The rule is declared to have no legal force or effect, preventing the withdrawal from taking place.
- Supporting Documentation: References a Government Accountability Office (GAO) opinion from January 16, 2026 (printed in the Congressional Record on February 9, 2026), which classified the withdrawal as a "rule" subject to CRA review.
- Introduction and Referral: Introduced by Senators Elizabeth Warren, Cory Booker, and Richard Blumenthal on March 24, 2026, and referred to the Senate Committee on Banking, Housing, and Urban Affairs.
Significant Changes to Existing Law
- Reversal of Agency Action: The resolution overrides the NCUA's attempt to withdraw reporting rules, effectively preserving the original requirements for credit unions to report certain fees (such as overdraft or non-sufficient funds fees) to regulators. This prevents a reduction in regulatory oversight that the NCUA had proposed.
- No Broader Amendments: It does not alter the underlying laws governing credit unions or the CRA itself but applies the CRA mechanism to block this specific administrative change.
Potential Impacts
- On Government Agencies: The NCUA would be required to continue enforcing the fee reporting rules, potentially increasing its administrative workload and compliance monitoring without the planned simplification.
- On Citizens (Credit Union Members): Maintains transparency in fee practices, which could help consumers better understand and challenge unfair charges, promoting accountability in the credit union sector.
- On International Relations: No direct impact, as this is a domestic regulatory matter focused on U.S. financial institutions.
Main Stakeholders Affected
- National Credit Union Administration (NCUA): Directly impacted as the rule's issuer; must revert to the prior reporting framework.
- Credit Unions: Required to keep submitting fee reports, which may add operational costs but ensures standardized oversight.
- Congress and Lawmakers: Strengthens congressional oversight of agency actions, particularly for those advocating for consumer protections.
- Consumers and Credit Union Members: Benefit from ongoing fee transparency, potentially leading to fairer practices and easier access to information about costs.
Notable Legal, Constitutional, or Political Implications
- Legal Implications: Reinforces the CRA's role in allowing Congress to veto agency rules without needing presidential approval (though a veto override could be required if signed). The GAO's opinion underscores that even "withdrawals" of regulations can be treated as rules under the CRA, setting a precedent for future challenges.
- Constitutional Implications: Aligns with Congress's constitutional authority over federal rulemaking but highlights tensions between legislative and executive branches in regulatory matters.
- Political Implications: As a bipartisan tool (though introduced by Democratic senators), it demonstrates Congress's ability to check independent agencies like the NCUA, potentially influencing debates on financial regulation and consumer rights without broader partisan commentary.
This summary was generated by AI and may contain inaccuracies. Refer to the official source document for the authoritative text.
Sponsor
Cosponsors (2)
Sen. Booker, Cory A. [D-NJ], Sen. Blumenthal, Richard [D-CT]
Recent Actions
- 2026-03-24: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 2026-03-24: Introduced in Senate
Bill Versions
- Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the National Credit Union Administration relating to Withdrawal of Fee Reporting Requirements. — issued 2026-03-24 — PDF (2 pages)