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 2023-01: Unlawful Negative Option Marketing Practices".

Key Points

• Rep. Bynum introduced a resolution to block the Consumer Financial Protection Bureau from canceling its own rules about subscription services. The rules in question deal with negative option marketing, which happens when companies automatically charge customers unless the customer takes action to cancel.
• By blocking the agency's recent change, this resolution tries to keep older protections in place for people who use streaming services, gym memberships, or other monthly plans. This matters because it affects how easy it is for you to cancel a subscription and whether companies can hide the fact that they are going to charge your credit card.
• If this resolution passes, the agency's recent decision to withdraw its 2023 guidance would have no force or effect. This would likely force the agency to continue enforcing stricter standards against companies that make it difficult for customers to opt out of recurring payments.

Impact Analysis

Govbase has not yet run an impact analysis on this legislation.