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 2022-06: Unfair Returned Deposited Item Fee Assessment Practices".
- Bill Number
- S.J.Res. 153
- 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
- 2026-04-01T16:04:09Z
AI-Generated Summary
S.J. Res. 153: Joint Resolution Disapproving CFPB Rule Withdrawal
Purpose
This joint resolution 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 protects consumers in financial matters) from withdrawing its earlier guidance on unfair fees charged by banks for returned deposited items, such as bounced checks.
Key Provisions
- Disapproval of Specific Rule: Congress disapproves the CFPB rule (published May 12, 2025, at 90 Fed. Reg. 20084) that withdrew "Bulletin 2022-06: Unfair Returned Deposited Item Fee Assessment Practices" (originally published November 7, 2022, at 87 Fed. Reg. 66940).
- No Force or Effect: The withdrawal rule is nullified, meaning the original 2022 bulletin remains in place.
Significant Changes to Existing Law
- Reverses the CFPB's 2025 decision to eliminate the 2022 bulletin, effectively reinstating CFPB guidance that deems certain bank fees for processing returned deposits (e.g., when a deposited check fails due to insufficient funds) as potentially unfair or deceptive under consumer protection laws.
- No direct changes to statutes; operates under the Congressional Review Act (chapter 8 of title 5, U.S. Code), which gives Congress fast-track authority to void agency actions.
Potential Impacts
- On Government Agencies: Limits CFPB's ability to retract its own prior guidance, potentially requiring continued enforcement of the 2022 bulletin.
- On Citizens: May protect consumers from certain bank fees on returned deposits by keeping CFPB oversight active.
- On Financial Institutions: Banks and credit unions must continue complying with the 2022 guidance, possibly restricting their fee practices.
- No direct impact on international relations.
Main Stakeholders
- Consumers: Benefit from reinstated protections against potentially unfair fees.
- Banks and Financial Institutions: Face ongoing restrictions on assessing fees for returned deposited items.
- CFPB: Authority to modify its guidance is checked by Congress.
- Congress: Asserts oversight over executive branch rulemaking.
Notable Legal, Constitutional, or Political Implications
- Legal: Demonstrates use of the Congressional Review Act to reverse an agency's withdrawal of guidance, treating it as a "rule" subject to review; could set precedent for challenging agency retreats from prior positions.
- Constitutional: Reinforces Congress's oversight role under Article I (legislative power), balancing executive agency authority.
- Political: Highlights partisan or policy divides on consumer financial protections; introduced by Sen. Lujan (D-NM) and referred to the Senate Banking Committee, signaling potential floor debate if advanced.
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 2022–06: Unfair Returned Deposited Item Fee Assessment Practices. — issued 2026-03-26 — PDF (2 pages)