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 "The Fair Credit Reporting Act's Limited Preemption of State Laws"

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. 385.
• Mar 17Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summary

This joint resolution attempted to overturn a rule by the Consumer Financial Protection Bureau (CFPB) regarding credit reporting laws. **What it does:** The resolution would have used Congress's authority to disapprove and cancel a CFPB rule about how federal and state credit reporting laws interact with each other. **Who it affects:** Consumers, credit reporting agencies (like Experian, Equifax, TransUnion), lenders, and state regulators who oversee credit reporting practices. **What would change:** If it had passed, it would have prevented the CFPB from withdrawing an existing rule about the Fair Credit Reporting Act's preemption of state laws. This relates to which level of government (federal vs. state) has authority over certain credit reporting regulations. **Current status:** The resolution failed, meaning the CFPB's action stands and was not overturned by Congress. The specific impacts depend on the technical details of the underlying credit reporting regulations and how federal and state laws interact in this area.

How This Affects You