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 "Equal Credit Opportunity (Regulation B); Revocations or Unfavorable Changes to the Terms of Existing Credit Arrangements".
- Bill Number
- S.J.Res. 154
- 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 S2270)
- Last Updated
- 2026-05-20T18:16:27Z
AI-Generated Summary
Purpose
This joint resolution (S.J. Res. 154) uses the Congressional Review Act (a law allowing Congress to quickly overturn federal agency rules) to block a decision by the Bureau of Consumer Financial Protection (CFPB, a government agency that regulates consumer financial products).
Key Provisions
- Disapproval of CFPB Action: Congress disapproves the CFPB's rule that withdrew a prior 2022 rule on "Equal Credit Opportunity (Regulation B); Revocations or Unfavorable Changes to the Terms of Existing Credit Arrangements."
- The 2022 rule was published in the Federal Register (87 Fed. Reg. 30097, May 18, 2022).
- The withdrawal rule was published later (90 Fed. Reg. 20084, May 12, 2025).
- If passed, the withdrawal has no force or effect, meaning the original 2022 rule remains in place.
Significant Changes to Existing Law
- Preserves 2022 Rule: Prevents the CFPB from revoking its own earlier regulation under the Equal Credit Opportunity Act (ECOA), which bans discrimination in credit. The 2022 rule specifically addressed creditors making negative changes (like raising rates or reducing limits) to existing credit based on factors such as medical issues or age.
- No new laws are created; it reverses an agency's rollback via congressional override.
Potential Impacts
- Government Agencies: Limits CFPB's ability to change its own rules, potentially increasing oversight on future deregulatory moves.
- Citizens (Consumers): Maintains protections for borrowers against arbitrary worsening of credit terms, benefiting those facing life changes (e.g., health issues).
- Financial Institutions: Keeps restrictions on altering existing credit agreements, which could limit flexibility for lenders in adjusting terms.
- No direct impact on international relations.
Main Stakeholders Affected
- Consumers/Borrowers: Gain continued safeguards under the preserved ECOA rule.
- Creditors and Lenders (e.g., banks, credit card companies): Face ongoing compliance requirements.
- CFPB: Regulatory authority checked by Congress.
- Congress: Demonstrates use of fast-track disapproval powers.
Notable Legal, Constitutional, or Political Implications
- Legal: Relies on the Congressional Review Act (5 U.S.C. Chapter 8), enabling simple-majority votes without amendments; committee bypass via petition (5 U.S.C. 802(c)) speeds process.
- Constitutional: Reinforces Congress's oversight of executive agencies under Article I (legislative power).
- Political: Introduced by Sen. Booker (D-NJ); placed on Senate calendar April 27, 2026, highlighting partisan divides on consumer protections vs. deregulation. If enacted, it sets precedent for challenging agency withdrawals.
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 S2270)
- 2026-04-27: Placed on Senate Legislative Calendar under General Orders. Calendar No. 398.
- 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 Equal Credit Opportunity (Regulation B); Revocations or Unfavorable Changes to the Terms of Existing Credit Arrangements. — 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 Equal Credit Opportunity (Regulation B); Revocations or Unfavorable Changes to the Terms of Existing Credit Arrangements. — issued 2026-04-27 — PDF (4 pages)