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".
Consumer Protection: Blocking Changes to Bank Oversight 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. No further actions or votes are scheduled at this time.
Legislative Progress
This is a challenge to a government rule by a member of the opposing party, which almost never succeeds without a major shift in political power.
Key Points
- This proposal aims to stop a government agency from canceling rules that protect people from being treated unfairly by banks and lenders.
- It focuses on a decision to get rid of guidelines that define what counts as an abusive practice, such as when a company takes unfair advantage of a customer.
- If this measure passes, the government would be forced to keep using stricter rules to oversee how financial companies treat their customers.
- This is part of a larger effort to prevent the government from weakening oversight of the banking industry.
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 "Statement of Policy Regarding Prohibition on Abusive Acts or Practices".
Data Sources
Sponsor
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