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 "Consumer Information Requests to Large Banks and Credit Unions".
- Bill Number
- S.J.Res. 167
- Origin Chamber
- Senate
- Congress
- 119th Congress, Session 2
- Policy Area
- Finance and Financial Sector
- Status
- Introduced
- Latest Action
- 2026-04-13: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Last Updated
- 2026-04-20T19:12:00Z
AI-Generated Summary
Purpose
This joint resolution (S.J. Res. 167) uses the Congressional Review Act (CRA, a law allowing Congress to overturn certain federal agency rules) to disapprove and nullify a Bureau of Consumer Financial Protection (CFPB) rule that withdrew a prior CFPB rule titled "Consumer Information Requests to Large Banks and Credit Unions." By blocking the withdrawal, it effectively keeps the original 2023 rule in place.
Key Provisions
- Congress explicitly disapproves the CFPB's withdrawal rule (published May 12, 2025, at 90 Fed. Reg. 20084).
- The withdrawal rule is declared to have no force or effect, referencing the original rule (published October 16, 2023, at 88 Fed. Reg. 71279).
- Introduced by Sen. Warren on April 13, 2026, and referred to the Senate Committee on Banking, Housing, and Urban Affairs.
Significant Changes to Existing Law
- No new laws are created; instead, it invokes the CRA to reverse an agency's decision to withdraw its own prior rule.
- This prevents the original consumer information rule from being rescinded, maintaining requirements on large banks and credit unions to respond to certain consumer data requests.
Potential Impacts
- Government agencies: Limits CFPB's ability to retract rules, reinforcing congressional oversight of financial regulators.
- Citizens: Consumers may gain continued access to information from large banks and credit unions (e.g., data on accounts or services), potentially aiding transparency and complaints.
- No direct international relations impact.
Main Stakeholders Affected
- Bureau of Consumer Financial Protection (CFPB): Loses authority to withdraw the rule.
- Large banks and credit unions: Must continue complying with the original rule's requirements for providing consumer information.
- Consumers and advocacy groups: Benefit from preserved access to bank data for oversight and protection.
Notable Legal, Constitutional, or Political Implications
- Legal: Exercises Congress's CRA authority, which has a fast-track process and cannot be vetoed if passed by both chambers (presidential signature not required for disapproval).
- Constitutional: Reinforces separation of powers by allowing legislative check on executive agency actions.
- Political: Highlights partisan divides on financial regulation; introduced by a senator known for consumer protection advocacy, signaling potential debate over bank accountability.
This summary was generated by AI and may contain inaccuracies. Refer to the official source document for the authoritative text.
Sponsor
Recent Actions
- 2026-04-13: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 2026-04-13: 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 Consumer Information Requests to Large Banks and Credit Unions. — issued 2026-04-13 — PDF (2 pages)