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 "Fair Credit Reporting Act; Preemption of State Laws".
- Bill Number
- S.J.Res. 155
- 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 S2268-2269)
- Last Updated
- 2026-05-14T18:24:24Z
AI-Generated Summary
Purpose
This joint resolution (S.J. Res. 155) aims to block a specific rule issued by the Bureau of Consumer Financial Protection (CFPB), a federal agency that oversees consumer financial products. The rule concerns how the federal Fair Credit Reporting Act (FCRA)—a law regulating credit reports and scores—interacts with state laws, specifically regarding preemption (when federal rules override state rules).
Key Provisions
- Congress formally disapproves the CFPB rule titled "Fair Credit Reporting Act; Preemption of State Laws," published in the Federal Register (90 Fed. Reg. 48710) on October 28, 2025.
- The rule is declared to have no force or effect, meaning it cannot be implemented or enforced.
- This action is taken under the Congressional Review Act (CRA) (chapter 8 of title 5, U.S. Code), which allows Congress to overturn certain agency rules with a simple majority vote and presidential signature (or veto override).
Significant Changes to Existing Law
- No new laws are created; instead, it reverses or prevents the CFPB rule from altering the current balance between federal FCRA standards and state laws.
- Maintains the pre-rule status quo on FCRA preemption, avoiding any federal expansion or clarification of when state credit reporting laws are overridden.
Potential Impacts
- Government agencies: Limits CFPB's regulatory authority over credit reporting, potentially requiring the agency to revisit or abandon similar efforts.
- Citizens/consumers: Preserves existing state-level protections or variations in credit reporting rules, which could affect credit access, disputes, or privacy depending on state laws.
- No direct international effects, as it focuses on domestic U.S. financial regulation.
Main Stakeholders
- Federal government: Congress (Senate introduced by Sen. Whitehouse; placed on calendar via petition) and CFPB.
- States: Benefit from retained authority over their credit reporting laws not preempted by FCRA.
- Financial industry: Credit bureaus (e.g., Equifax, Experian), lenders, and businesses relying on credit reports, as it prevents potential new federal restrictions.
- Consumers: Individuals whose credit reports may be handled differently under varying state rules.
Notable Legal, Constitutional, or Political Implications
- Legal: Exemplifies the CRA's fast-track process (committee discharge by petition under 5 U.S.C. 802(c)), bypassing normal committee review for quick action on agency rules.
- Constitutional: Reinforces Congress's oversight of executive branch agencies, upholding separation of powers by checking unelected regulators.
- Political: Signals congressional intent to curb federal overreach in consumer finance; if passed, requires presidential approval (potential veto risk). No broader policy changes beyond nullifying this one rule.
This summary was generated by AI and may contain inaccuracies. Refer to the official source document for the authoritative text.
Sponsor
Sen. Whitehouse, Sheldon [D-RI]
Recent Actions
- 2026-05-13: Motion to proceed to consideration of measure rejected in Senate by Voice Vote. (consideration: CR S2268-2269)
- 2026-04-27: Placed on Senate Legislative Calendar under General Orders. Calendar No. 399.
- 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 Fair Credit Reporting Act; Preemption of State Laws. — 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 Fair Credit Reporting Act; Preemption of State Laws. — issued 2026-04-27 — PDF (4 pages)