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 "Bulletin 2023-01: Unfair Billing and Collection Practices After Bankruptcy Discharges of Certain Student Loan Debts".
Rep. Bynum Introduces Resolution to Block CFPB From Dropping Student Loan Protections
This bill was recently introduced and is currently sitting in the House Committee on Financial Services for review. No further actions or votes have been scheduled at this time. The bill is in the very early stages of the legislative process.
Legislative Progress
This type of resolution is usually a partisan move to challenge an agency and rarely passes both the House and Senate.
Key Points
Impact Analysis
Personal Impact
Life & Work
People who have gone through bankruptcy (which appears on their record) and also had student loan debt discharged would benefit from restored protections against improper collection. Bankruptcy is meant to give people a fresh start, and this resolution supports that by preventing servicers from undermining the court's discharge order with continued billing.
Programs
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.
Related News
3 articles
Senate Republicans block Democrats' effort to reverse several Trump-era CFPB changes
Senate Republicans blocked a push by Democrats to restore consumer protections rescinded by the CFPB, including rules preventing collection on student loans discharged in bankruptcy. The move was part of a larger effort to roll back 67 policy changes made under Acting Director Russell Vought.
The Trump administration is dismantling the CFPB. Here’s what that means for your money
The administration and congressional Republicans have undone a decade's worth of CFPB rules, including protections for student loan borrowers in bankruptcy. Acting Director Russell Vought has moved to shutter the agency by exhausting its funds and rescinding key guidance documents.
How to Bankrupt a Regulator
Russell Vought is using a novel legal theory to starve the CFPB of funding, effectively turning it into a 'zombie regulator.' This comes as student loan and credit card delinquencies hit record highs, leaving consumers without a federal watchdog to enforce existing protections.
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 "Bulletin 2023-01: Unfair Billing and Collection Practices After Bankruptcy Discharges of Certain Student Loan Debts".
Data Sources
Sponsor
Analysis generated by AI. Always verify with official sources.