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 "Statement of Policy Regarding Prohibition on Abusive Acts or Practices".
- Bill Number
- S.J.Res. 147
- 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 S2271-2272)
- Last Updated
- 2026-05-21T18:16:27Z
AI-Generated Summary
Purpose
This joint resolution (S.J. Res. 147) uses the Congressional Review Act (CRA, under 5 U.S.C. chapter 8) to block a Bureau of Consumer Financial Protection (CFPB) action. Specifically, it disapproves the CFPB's withdrawal of its earlier "Statement of Policy Regarding Prohibition on Abusive Acts or Practices" (published April 12, 2023, at 88 Fed. Reg. 21883). The withdrawal was published May 12, 2025, at 90 Fed. Reg. 20084. By disapproving the withdrawal, the resolution keeps the 2023 policy statement in effect.
Key Provisions
- Disapproval clause: Declares the CFPB's withdrawal rule "disapproved" and states it "shall have no force or effect."
- Procedural history: Introduced by Sen. Durbin on March 25, 2026; committee discharged by petition under 5 U.S.C. 802(c) on April 27, 2026, and placed on the Senate calendar.
Significant Changes to Existing Law
- No new laws are created; it nullifies a specific agency action under the CRA.
- Reverses the CFPB's attempt to rescind its 2023 policy guidance, which interprets "abusive acts or practices" (UAPA) under the Dodd-Frank Act—a key tool for CFPB enforcement against unfair financial practices.
Potential Impacts
- On government agencies: Limits CFPB's flexibility to update or withdraw its own interpretive guidance, reinforcing congressional oversight of independent agencies.
- On citizens/consumers: Maintains CFPB protections against abusive financial practices (e.g., deceptive lending or fees), potentially benefiting consumers but increasing compliance burdens on providers.
- On financial industry: Providers (banks, lenders) remain subject to the 2023 policy's standards, which could lead to ongoing enforcement actions.
- No direct impact on international relations.
Main Stakeholders Affected
- CFPB: Loses ability to retract its policy, affecting enforcement priorities.
- Financial institutions: Banks, credit card issuers, payday lenders—must continue adhering to the UAPA policy.
- Consumers: Individuals protected from potentially harmful financial products or practices.
- Congress: Banking committees gain a precedent for using CRA against agency withdrawals.
Notable Legal, Constitutional, or Political Implications
- Legal: Rare CRA use against an agency's withdrawal of its own rule (CRA typically targets new rules); tests scope of 5 U.S.C. 802 on rescissions.
- Constitutional: Reinforces Congress's oversight of executive agencies under Article I, potentially checking "administrative state" actions.
- Political: Highlights partisan divides on CFPB authority (introduced by a Democrat but bypassed committee via petition); if enacted, requires presidential approval or veto override.
This summary was generated by AI and may contain inaccuracies. Refer to the official source document for the authoritative text.
Sponsor
Sen. Durbin, Richard J. [D-IL]
Recent Actions
- 2026-05-13: Motion to proceed to consideration of measure rejected in Senate by Voice Vote. (consideration: CR S2271-2272)
- 2026-04-27: Placed on Senate Legislative Calendar under General Orders. Calendar No. 395.
- 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. (text: CR S1617)
- 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 Statement of Policy Regarding Prohibition on Abusive Acts or Practices. — 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 Statement of Policy Regarding Prohibition on Abusive Acts or Practices. — issued 2026-04-27 — PDF (4 pages)