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 "Debt Collection Practices (Regulation F); Pay-to-Pay Fees"

Progress

Timeline

• Apr 29Star Print ordered on the reported joint resolution.
• Mar 17Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summary

This joint resolution would overturn a rule by the Consumer Financial Protection Bureau (CFPB) regarding debt collection practices, specifically about "pay-to-pay" fees. **What it does:** Uses congressional authority to disapprove and nullify a CFPB rule that withdrew previous regulations on pay-to-pay fees in debt collection. **Who it affects:** - Consumers who owe debts - Debt collection companies - Financial institutions involved in debt collection **What would change:** If passed, this would reinstate stricter regulations on pay-to-pay fees - charges that debt collectors impose when consumers want to make payments through certain methods (like paying by phone or online). The resolution aims to restore consumer protections that limited these fees. Currently, the resolution has only been introduced in Congress and would need approval from both chambers and either presidential signature or a veto override to take effect.

How This Affects You