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 "Statement of Policy Regarding Prohibition on Abusive Acts or Practices"

Progress

Timeline

• Apr 27Placed on Senate Legislative Calendar under General Orders. Calendar No. 395.
• Mar 25Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text: CR S1617)

Summary

This is a joint resolution that would block a recent action by the Consumer Financial Protection Bureau (CFPB). **What it does:** The resolution uses Congress's power to overturn federal agency rules. It targets the CFPB's decision to withdraw a policy statement that defined what constitutes "abusive" practices by financial companies. **Who it affects:** - Financial institutions (banks, lenders, credit card companies, etc.) - Consumers who use financial services - The CFPB's regulatory authority **What would change:** If passed, this resolution would restore the CFPB's previous policy statement about abusive financial practices. This means the bureau would maintain clearer guidelines about what behaviors by financial companies are considered abusive and prohibited. **Current status:** The resolution is still in committee, so it hasn't been voted on by the full Congress yet. The resolution essentially aims to preserve stronger consumer protection guidelines that the CFPB recently decided to remove.

How This Affects You