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 2024-02: Deceptive Marketing Practices About the Speed or Cost of Sending a Remittance Transfer"

Progress

Timeline

• Mar 18Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summary

This joint resolution would overturn a rule from the Consumer Financial Protection Bureau (CFPB) about money transfer marketing practices. **What it does:** Uses Congress's authority to disapprove and cancel a CFPB rule that addressed deceptive advertising by companies that send money transfers (remittances) - like when people send money to family in other countries. **Who it affects:** - Money transfer companies and their marketing practices - Consumers who send remittances internationally - The CFPB's regulatory authority **What would change:** If passed, the CFPB rule about deceptive marketing of remittance transfer speed and costs would be withdrawn and could not be reissued in the same form. This would remove regulatory restrictions on how money transfer companies can advertise their services regarding delivery time and fees. **Current status:** The resolution is still in committee and has not been voted on by either chamber of Congress.

How This Affects You