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 "Bulletin 2023-01: Unfair Billing and Collection Practices After Bankruptcy Discharges of Certain Student Loan Debts".
- Bill Number
- S.J.Res. 151
- Origin Chamber
- Senate
- Congress
- 119th Congress, Session 2
- Policy Area
- Finance and Financial Sector
- Status
- Introduced
- Latest Action
- 2026-03-26: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Last Updated
- 2026-05-21T20:16:11Z
AI-Generated Summary
Purpose
This joint resolution (S.J. Res. 151) uses the Congressional Review Act (a law allowing Congress to overturn certain federal agency rules) to block the Bureau of Consumer Financial Protection (CFPB, a government agency that regulates financial products) from withdrawing its own guidance document, Bulletin 2023-01. The bulletin addressed unfair billing and collection practices by lenders or collectors after certain student loan debts are discharged (canceled) in bankruptcy court.
Key Provisions
- Congress explicitly disapproves the CFPB's rule (published May 12, 2025, at 90 Fed. Reg. 20084) that sought to withdraw Bulletin 2023-01 (originally published March 23, 2023, at 88 Fed. Reg. 17366).
- The disapproved rule "shall have no force or effect," meaning the withdrawal is nullified.
Significant Changes to Existing Law
- No new laws are created; instead, it reverses the CFPB's attempted withdrawal, effectively preserving Bulletin 2023-01 as active guidance.
- Reinforces Congress's oversight power over agency actions under the Congressional Review Act (chapter 8, title 5, U.S. Code).
Potential Impacts
- Government agencies: Limits CFPB's ability to retract its own guidance, potentially requiring continued enforcement of the bulletin.
- Citizens: Protects student loan borrowers whose debts were discharged in bankruptcy from potentially unfair collection tactics (e.g., demands for payment on canceled debts).
- No direct international relations impact.
Main Stakeholders Affected
- Student loan borrowers: Benefit from ongoing protections against aggressive collection post-bankruptcy discharge.
- Debt collectors and lenders (e.g., student loan servicers): Face continued restrictions on billing or collecting discharged debts.
- CFPB: Regulatory authority checked by Congress.
- Congress: Exercises bipartisan oversight tool (introduced by Sen. Hirono, referred to Senate Banking Committee).
Notable Legal, Constitutional, or Political Implications
- Legal: Demonstrates the Congressional Review Act's role in quickly voiding agency rules without standard rulemaking processes; if passed and signed/enacted, it binds agencies permanently.
- Constitutional: Upholds separation of powers by allowing legislative branch to review executive agency actions.
- Political: Highlights tensions between Congress and independent agencies like CFPB on consumer protection issues; as an introduced resolution (March 26, 2026), its fate depends on committee approval and votes in both Senate and House.
This summary was generated by AI and may contain inaccuracies. Refer to the official source document for the authoritative text.
Sponsor
Recent Actions
- 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 Bulletin 2023–01: Unfair Billing and Collection Practices After Bankruptcy Discharges of Certain Student Loan Debts. — issued 2026-03-26 — PDF (2 pages)