A joint resolution 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 Debt Collection Practices Act (Regulation F); Time-Barred Debt".
Debt Collection: Blocking Changes to Rules on Old Debts
Legislative Progress
Key Points
- This resolution aims to stop the Consumer Financial Protection Bureau (CFPB) from canceling rules that protect people from being sued over very old debts. These are known as "time-barred" debts because they have passed the legal time limit for a collector to take someone to court.
- If passed, the CFPB's recent decision to withdraw these protections would be reversed. This would keep rules in place that prevent debt collectors from using aggressive tactics or misleading people into paying debts they can no longer be legally sued for.
- This is important because many consumers do not realize that making a small payment on an old debt can sometimes "restart the clock," giving collectors a new chance to take them to court. The rules being defended help ensure people are informed about their rights regarding expired debts.
- This action uses the Congressional Review Act, which allows Congress to cancel a federal agency's decision. If this resolution becomes law, the CFPB would be blocked from trying to remove these specific consumer protections again in the future.
Impact Analysis
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Milestones
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Sent to a congressional committee for expert review. The committee decides whether this bill moves forward.
Introduced in Senate
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
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News
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Source Information
Document Type
Congressional Bill
Official Title
A joint resolution 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 Debt Collection Practices Act (Regulation F); Time-Barred Debt".
Data Sources
Sponsor
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