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 2022-04: Insufficient Data Protection or Security for Sensitive Consumer Information".
Financial Data Security: Reinstating Consumer Protection Rules
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. There are no upcoming votes scheduled at this time.
Legislative Progress
This type of resolution usually only passes when the same political party controls both Congress and the White House, and it often faces a veto if the administration supports the agency rule.
Key Points
- This resolution aims to stop the Bureau of Consumer Financial Protection from getting rid of specific rules about how companies handle your private information. If passed, it would keep older data security standards in place for banks and lenders.
- The policy affects banks, credit card companies, and other financial businesses that store sensitive customer data. It also impacts everyday people who want their financial information kept safe from hackers or identity thieves.
- The original rules were designed to make sure companies have strong security to prevent data breaches. The sponsor believes that removing these rules makes consumer data more vulnerable to theft or fraud.
- This is a special type of vote called a joint resolution of disapproval. It allows Congress to quickly cancel rules made by government agencies if they do not agree with the agency's decision.
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 "Consumer Financial Protection Circular 2022-04: Insufficient Data Protection or Security for Sensitive Consumer Information".
Data Sources
Sponsor
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