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Congress·In Committee·S.J.Res. 129

Sen. Cortez Masto Introduces Resolution to Protect State-Level Credit Reporting Laws

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 "The Fair Credit Reporting Act's Limited Preemption of State Laws".

7 days ago·View on Congress.gov

Legislative Progress

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Key Points

  • Sen. Cortez Masto introduced a Congressional Review Act resolution to block the CFPB from withdrawing a 2022 rule that clarified states' ability to enforce their own credit reporting laws alongside federal law.

    From policy text

    “Congress disapproves the rule submitted by the Bureau of Consumer Financial Protection relating to the withdrawal of the rule relating to ``The Fair Credit Reporting Act's Limited Preemption of State Laws (87 Fed. Reg. 41042 (July 11, 2022))'' (90 Fed. Reg. 20084 (May 12, 2025)), and such rule shall have no force or effect.”
    View in full text
  • The resolution was referred to the Senate Banking, Housing, and Urban Affairs Committee on March 17, 2026, where it faces an uncertain path forward given the current political dynamics around consumer protection regulation.

    From policy text

    “Ms. Cortez Masto introduced the following joint resolution; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs”
    View in full text
  • If passed, the resolution would reverse the CFPB's May 2025 withdrawal and restore the 2022 interpretive rule, which affirmed that the Fair Credit Reporting Act does not broadly preempt state consumer protection laws — meaning states could continue passing stronger credit reporting rules than federal law requires.
  • This matters because credit reports affect nearly every American adult — they're used in decisions about mortgages, car loans, credit cards, apartment rentals, and even some job applications. Stronger state laws can give people more tools to fix errors or fight identity theft on their reports.
Economy FinanceCivil Rights

Impact Analysis

Personal Impact

Scores: 1 = low, 5 = highSentiment: -5 to +5 (net benefit)

State Impacts

Scores: 1 = low, 5 = highSentiment: -5 to +5 (net benefit)

Milestones

2 milestones2 actions
Mar 17, 2026Senate

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Mar 17, 2026

Introduced in Senate

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 "The Fair Credit Reporting Act's Limited Preemption of State Laws".

Bill NumberSJRES 129
Congress119th Congress
ChamberSenate
Latest ActionRead twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Sponsor

Analysis generated by AI. Always verify with official sources.