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; Permissible Purposes for Furnishing, Using, and Obtaining Consumer Reports".
- Bill Number
- S.J.Res. 145
- 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 S2266-2267)
- Last Updated
- 2026-05-19T18:12:24Z
AI-Generated Summary
S.J. Res. 145: Summary
Purpose
This joint resolution uses the Congressional Review Act (a law allowing Congress to quickly overturn certain federal agency rules) to block the Bureau of Consumer Financial Protection (CFPB) from withdrawing a 2022 rule on fair credit reporting. By disapproving the withdrawal, it keeps the original 2022 rule in effect.
Key Provisions
- Congress explicitly disapproves the CFPB's rule (published May 12, 2025, at 90 Fed. Reg. 20084) that sought to withdraw the 2022 rule titled "Fair Credit Reporting; Permissible Purposes for Furnishing, Using, and Obtaining Consumer Reports" (87 Fed. Reg. 41243, July 12, 2022).
- The disapproved withdrawal rule has no force or effect, meaning the 2022 rule remains active.
Significant Changes to Existing Law
- Reverses the CFPB's attempt to eliminate the 2022 rule, preserving restrictions or clarifications on when consumer credit reports (like credit scores or histories) can be obtained, shared, or used (e.g., for loans, jobs, or rentals).
- No new laws are created; it simply maintains the status quo from the 2022 CFPB rule under the Fair Credit Reporting Act (FCRA), which governs credit reporting accuracy and privacy.
Potential Impacts
- Government agencies: Limits CFPB's ability to rescind its own prior rules via the Congressional Review Act.
- Citizens: Maintains protections in the 2022 rule, potentially limiting unauthorized access to personal credit information and reducing risks like identity theft or unfair denials for credit/housing/jobs.
- No direct international relations impact.
Main Stakeholders Affected
- Consumers: Benefit from continued limits on credit report usage.
- CFPB: Regulatory authority checked by Congress.
- Credit reporting agencies (e.g., Equifax, TransUnion): Must comply with the reinstated 2022 rule's standards.
- Businesses using credit reports (e.g., banks, landlords, employers): Face ongoing restrictions on accessing or using reports.
Notable Legal, Constitutional, or Political Implications
- Legal: Demonstrates the Congressional Review Act's power to review and nullify agency actions, including withdrawals of prior rules; ensures the 2022 FCRA rule cannot be undone without further process.
- Constitutional: Upholds Congress's oversight of executive agencies under Article I (legislative authority).
- Political: Introduced by Sen. Wyden (D-OR); bypassed committee via petition (5 U.S.C. 802(c)), allowing fast-track Senate consideration—highlights partisan or urgent congressional intervention in consumer finance regulation.
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 S2266-2267)
- 2026-04-27: Placed on Senate Legislative Calendar under General Orders. Calendar No. 394.
- 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).
- 2026-03-25: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 2026-03-25: 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; Permissible Purposes for Furnishing, Using, and Obtaining Consumer Reports. — issued 2026-03-25 — 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; Permissible Purposes for Furnishing, Using, and Obtaining Consumer Reports. — issued 2026-04-27 — PDF (4 pages)