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 2023-02: Reopening Deposit Accounts That Consumers Previously Closed".

Key Points

• Rep. Meeks introduced a resolution to stop the Consumer Financial Protection Bureau from getting rid of a consumer safety rule. The rule in question helps prevent banks from reopening accounts that customers have already closed.
• If the resolution passes, it would restore protections that stop banks from bringing zombie accounts back to life. Banks sometimes do this to process a late payment, which can lead to the customer being charged surprise overdraft or service fees.
• This move affects millions of Americans who use bank accounts. It aims to ensure that when a person closes an account, it stays closed unless they specifically ask to open it again.
• This action uses the Congressional Review Act, a tool that lets Congress strike down rules made by federal agencies. For this to become law, it must pass both the House and Senate and be signed by the president.

Impact Analysis

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