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 "Limited Applicability of Consumer Financial Protection Act's 'Time or Space' Exception With Respect to Digital Marketing Providers".
- Bill Number
- S.J.Res. 150
- 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 S2268)
- Last Updated
- 2026-05-14T18:23:02Z
AI-Generated Summary
Purpose
This joint resolution (S.J. Res. 150) uses the Congressional Review Act (CRA, a law allowing Congress to overturn certain federal agency rules) to disapprove a Bureau of Consumer Financial Protection (CFPB) action. Specifically, it blocks the CFPB's 2025 decision to withdraw a 2022 rule that limited a consumer protection exception for digital marketing providers.
Key Provisions
- Disapproves the CFPB rule published on May 12, 2025 (90 Fed. Reg. 20084), which withdrew the 2022 rule titled "Limited Applicability of Consumer Financial Protection Act's 'Time or Space' Exception With Respect to Digital Marketing Providers" (87 Fed. Reg. 50556, August 17, 2022).
- States that the disapproved withdrawal "shall have no force or effect," preserving the 2022 rule.
- The resolution was introduced by Sen. Blumenthal on March 26, 2026, and placed on the Senate calendar on April 27, 2026, bypassing committee review under CRA procedures (5 U.S.C. 802(c)).
Significant Changes to Existing Law
- No direct changes to statutes; instead, it reverses an agency action via CRA, reinstating the 2022 CFPB rule.
- The 2022 rule narrows the "time or space" exception (a provision in the Consumer Financial Protection Act exempting traditional ads like TV, radio, or print from certain oversight) so it applies less broadly to digital marketing providers, subjecting more online ads to CFPB regulation.
Potential Impacts
- Government agencies: Prevents CFPB from dropping oversight of digital marketing tied to financial products, potentially increasing its regulatory workload.
- Citizens/consumers: Maintains protections against potentially misleading digital financial ads by keeping the narrower exception in place.
- No direct international relations impact.
Main Stakeholders Affected
- Digital marketing providers: Face continued limits on using the "time or space" exception for online financial ads, possibly requiring more compliance.
- CFPB and financial institutions: CFPB retains authority; banks and lenders using digital ads may see no change in rules.
- Consumers: Benefit from sustained regulatory scrutiny of digital financial marketing.
- Congress: Asserts oversight over agency rulemaking.
Notable Legal, Constitutional, or Political Implications
- Legal: Demonstrates CRA's power to nullify agency withdrawals of prior rules, treating the withdrawal as a reviewable "rule." If enacted, it has immediate effect without presidential signature (simple majorities in both chambers needed, but presidential veto possible).
- Constitutional: Reinforces Congress's Article I authority over executive agencies, checking administrative changes.
- Political: Highlights partisan or oversight tensions with CFPB (a Dodd-Frank Act creation), as bypassing committee signals urgency; dates suggest future action in 119th Congress (2025-2026).
This summary was generated by AI and may contain inaccuracies. Refer to the official source document for the authoritative text.
Sponsor
Sen. Blumenthal, Richard [D-CT]
Recent Actions
- 2026-05-13: Motion to proceed to consideration of measure rejected in Senate by Voice Vote. (consideration: CR S2268)
- 2026-04-27: Placed on Senate Legislative Calendar under General Orders. Calendar No. 397.
- 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).
- 2026-03-26: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 2026-03-26: 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 Limited Applicability of Consumer Financial Protection Act's Time or Space Exception With Respect to Digital Marketing Providers. — issued 2026-03-26 — 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 Limited Applicability of Consumer Financial Protection Act's Time or Space Exception With Respect to Digital Marketing Providers. — issued 2026-04-27 — PDF (4 pages)