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".
Credit Reporting: Blocking Federal Rule on State Laws
This bill is currently in the early stages of the legislative process. It was recently introduced and sent to the House Committee on Financial Services for review. No further actions are scheduled at this time.
Legislative Progress
This is a challenge to an agency rule. These measures usually only succeed when the party in charge of Congress is different from the one that led the agency and the White House.
Key Points
- This resolution aims to cancel a specific rule made by the Bureau of Consumer Financial Protection. If this measure passes, the agency's rule would be completely erased and have no legal power.
- The rule in question deals with the Fair Credit Reporting Act. It specifically focuses on when federal law takes priority over state laws regarding how credit information is handled and reported.
- This policy affects how much power states have to create their own consumer protection laws. If the federal rule is blocked, it could change the balance between national standards and local rules that protect people from credit report errors.
- This action is part of a larger debate over whether there should be one single set of rules for the whole country or if states should be allowed to pass stricter laws to protect their residents from financial harm.
Impact Analysis
Govbase has not yet run an impact analysis on this legislation.
Milestones
Referred to the House Committee on Financial Services.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
News
No related news coverage found for this legislation yet.
Source Information
Document Type
Congressional Bill
Official Title
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".
Data Sources
Sponsor
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