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 "Equal Credit Opportunity (Regulation B); Revocations or Unfavorable Changes to the Terms of Existing Credit Arrangements"

Progress

Timeline

• Apr 27Placed on Senate Legislative Calendar under General Orders. Calendar No. 398.
• Mar 26Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summary

This joint resolution would overturn a recent rule by the Consumer Financial Protection Bureau (CFPB) regarding credit discrimination protections. **What it does:** Uses congressional authority to disapprove and nullify a CFPB rule that withdrew certain protections related to equal credit opportunity and unfavorable changes to existing credit terms. **Who it affects:** - Consumers with existing credit arrangements (loans, credit cards, etc.) - Banks, credit unions, and other lenders - People who may face credit discrimination **What would change:** If passed, this resolution would restore the previous CFPB rule that provided stronger protections against lenders making unfavorable changes to existing credit terms and enhanced equal credit opportunity safeguards. The CFPB's withdrawal of these protections would be reversed. **Current status:** The resolution is still in committee and has not been voted on by Congress. This is part of the congressional review process that allows Congress to overturn federal agency rules within a specific timeframe.

How This Affects You