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 "Fair Credit Reporting; File Disclosure".

Key Points

• This resolution uses a special law to try and cancel a recent decision by the Consumer Financial Protection Bureau. It specifically targets a move by the agency to take back rules about how credit reporting companies must show people their files.
• If passed, this would stop the agency from getting rid of certain disclosure requirements. This affects how much information you can see when you ask for your credit report and how companies like Equifax or Experian have to provide it.
• Supporters of this measure likely want to ensure that consumers still have easy access to the full details in their credit files. They are trying to prevent the government from rolling back protections that make credit reporting more transparent.
• This is currently a proposal in the House of Representatives. It would need to pass both the House and Senate and be signed to take effect. While it does not cost taxpayers directly, it changes the rules for the multi-billion dollar credit reporting industry.

Impact Analysis

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