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 2022-04: Mitigating Harm From Repossession of Automobiles".
- Bill Number
- S.J.Res. 174
- 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
- 2026-04-20T19:10:45Z
AI-Generated Summary
Purpose
This joint resolution (S.J. Res. 174) uses the Congressional Review Act (CRA)—a law allowing Congress to overturn certain federal agency rules—to block the Bureau of Consumer Financial Protection (CFPB) from withdrawing its earlier guidance on automobile repossessions. The goal is to keep the original CFPB bulletin in place.
Key Provisions
- Disapproval of CFPB Rule: Congress explicitly disapproves the CFPB's rule (published May 12, 2025, at 90 Fed. Reg. 20084) that sought to withdraw "Bulletin 2022-04: Mitigating Harm From Repossession of Automobiles" (issued March 3, 2022, at 87 Fed. Reg. 11951).
- No Force or Effect: The withdrawal rule is nullified and cannot be implemented.
Significant Changes to Existing Law
- No new laws are created; instead, it reverses the CFPB's attempt to eliminate its own non-binding guidance (a "bulletin," which advises financial companies on best practices to reduce harm during car repossessions).
- Effectively restores Bulletin 2022-04, which encouraged lenders to consider alternatives to repossession and communicate with borrowers.
Potential Impacts
- On Government Agencies: Limits CFPB's ability to retract its own guidance, potentially requiring ongoing enforcement or oversight of the bulletin.
- On Citizens: Benefits auto loan borrowers by maintaining CFPB guidance aimed at reducing harm (e.g., financial stress, loss of transportation) from repossessions.
- On Businesses: Auto lenders and finance companies must continue following or considering the bulletin's recommendations to avoid CFPB scrutiny.
- No direct impact on international relations.
Main Stakeholders Affected
- Consumers/Borrowers: Protected by reinstated guidance on fair repossession practices.
- Auto Lenders and Finance Companies: Subject to ongoing CFPB expectations under the bulletin.
- CFPB: Agency authority checked by Congress via CRA.
- Congress: Asserts oversight over executive branch rulemaking.
Notable Legal, Constitutional, or Political Implications
- Legal: Invokes CRA (5 U.S.C. Ch. 8), a fast-track process for Congress to disapprove rules within 60 legislative days of submission; once passed and signed (or veto overridden), the rule is permanently barred from reissuance in "substantially the same form."
- Constitutional: Reinforces Congress's oversight of executive agencies under Article I (legislative power).
- Political: Introduced by Sen. Warren (D-MA) and referred to the Senate Banking Committee; signals partisan divides on consumer protection vs. regulatory burden in auto finance.
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 Bulletin 2022–04: Mitigating Harm From Repossession of Automobiles. — issued 2026-04-13 — PDF (2 pages)