GUIDANCE Act of 2026
Rep. Waters Introduces GUIDANCE Act to Restore 23 Consumer Protection Rules
The GUIDANCE Act of 2026 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. The bill is actively moving forward as it waits for the committee to discuss its contents.
Legislative Progress
This bill tries to undo recent changes made by the financial bureau, which usually splits lawmakers along party lines. Without support from both parties, it will be very difficult to pass.
Key Points
Impact Analysis
Personal Impact
Life & Work
Small business owners would see restored protections when acting as consumers (credit reporting, bank fees, debt collection). However, those who run financial services businesses or extend credit could face renewed compliance requirements under restored lending discrimination and equal credit opportunity rules.
“Bulletin 2012-04: Lending discrimination (April 18, 2012)”
Programs
Disabilities
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
2 articlesMedical Debt Collection Protections Targeted in New House Democratic CFPB Bill
House Democrats, led by Rep. Maxine Waters and Rep. Ayanna Pressley, have introduced the GUIDANCE Act of 2026 (H.R. 8777). The bill targets the recent withdrawal of 23 CFPB advisory opinions and circulars. A primary focus of the legislation is the restoration of guidance that prevents deceptive medical debt collection and ensures that disputed medical bills do not unfairly damage consumer credit scores, reversing rollbacks implemented by the current administration's CFPB leadership.
Congressional Democrats thwart perceived dismantlement of consumer protections
The GUIDANCE Act of 2026 has been introduced in the House to counter the rescission of nearly 70 guidance documents by the CFPB. The act specifically targets 23 key areas, including 'name-only matching' procedures in credit reporting and the collection of discharged student loans. Democratic leaders argue these rules are essential for maintaining market integrity, while the administration maintains the rescissions were necessary to reduce compliance burdens and adhere to the APA.
Source Information
Document Type
Congressional Bill
Official Title
GUIDANCE Act of 2026
Data Sources
Sponsor
Analysis generated by AI. Always verify with official sources.