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 Financial Protection Circular 2024-03: Unlawful and Unenforceable Contract Terms and Conditions"

Progress

Timeline

• May 13Motion to proceed to consideration of measure rejected in Senate by Voice Vote.
• Apr 27Placed on Senate Legislative Calendar under General Orders. Calendar No. 384.
• Mar 17Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summary

This joint resolution would have overturned a Consumer Financial Protection Bureau (CFPB) rule about contract terms that the agency considers unlawful or unenforceable. **What it does:** Uses Congress's authority to disapprove federal agency rules and prevent them from taking effect. **Who it affects:** - Consumers who enter into financial contracts (loans, credit cards, banking services, etc.) - Financial companies and service providers - The CFPB's regulatory authority **What would change:** If this resolution had passed, it would have blocked the CFPB's guidance on problematic contract terms. The CFPB rule likely aimed to protect consumers from unfair contract provisions in financial services. By disapproving it, Congress would have prevented these consumer protections from being implemented. **Current status:** The resolution failed, meaning the CFPB rule remains in effect and consumers retain whatever protections it provides regarding unfair contract terms in financial services.

How This Affects You