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 "Disclosure of Consumer Complaint Narrative Data".
- Bill Number
- S.J.Res. 176
- 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
- 2026-04-20T19:12:28Z
AI-Generated Summary
Purpose
This joint resolution (S.J. Res. 176) uses the Congressional Review Act (a law allowing Congress to overturn certain federal agency rules) to block the Bureau of Consumer Financial Protection (CFPB) from withdrawing a 2015 rule that requires public disclosure of detailed consumer complaint stories (narratives) about financial products and services.
Key Provisions
- Expressly disapproves the CFPB's May 12, 2025, rule (published in the Federal Register at 90 Fed. Reg. 20084) that aimed to withdraw the 2015 disclosure rule (80 Fed. Reg. 15572, March 24, 2015).
- Declares the withdrawal rule to have no force or effect, meaning the original 2015 disclosure rule remains active.
Significant Changes to Existing Law
- Reverses the CFPB's attempt to end public access to consumer complaint narratives, preserving the 2015 requirement for financial companies to submit and disclose anonymized complaint details.
- No new rules are created; it simply maintains the pre-2025 status quo by nullifying the agency's withdrawal action.
Potential Impacts
- On government agencies: Limits CFPB's ability to change its own rules via withdrawal, potentially increasing administrative burdens for ongoing data disclosure.
- On citizens: Enhances transparency by keeping consumer complaint stories publicly available, aiding consumers, researchers, and advocates in identifying patterns of financial misconduct.
- On financial industry: Requires continued submission and public release of sensitive complaint data, which could affect company reputations but promotes accountability.
- No direct impact on international relations.
Main Stakeholders
- Consumers and advocacy groups: Benefit from ongoing access to complaint data for awareness and accountability.
- Financial institutions: Affected by mandatory disclosure of complaint narratives, facing potential reputational risks.
- CFPB: Loses flexibility to revise or eliminate the rule.
- Congress: Asserts oversight over agency rulemaking.
Notable Implications
- Legal: Invokes the Congressional Review Act (5 U.S.C. Chapter 8), a streamlined process for Congress to veto agency rules without standard legislative hurdles like presidential signature (if passed by both chambers and not vetoed).
- Constitutional/Political: Reinforces Congress's Article I authority over executive agencies; politically, it counters perceived regulatory rollbacks, as introduced by Sen. Warren and referred to the Senate Banking Committee on April 13, 2026. No constitutional challenges noted in the text.
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 Disclosure of Consumer Complaint Narrative Data. — issued 2026-04-13 — PDF (2 pages)