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 "Consumer Financial Protection Circular 2024-02: Deceptive Marketing Practices About the Speed or Cost of Sending a Remittance Transfer".
Rules Against Deceptive International Money Transfer Marketing
Legislative Progress
Key Points
- Sen. Gallego introduced a resolution to stop the Consumer Financial Protection Bureau (CFPB) from canceling a rule about international money transfers.
- The rule being protected prevents companies from lying to customers about how much it costs to send money abroad or how long the transfer will take.
- If this resolution passes, the government would continue to treat misleading ads about "instant" or "free" transfers as illegal deceptive practices.
- This action aims to protect millions of people who send money to family in other countries from being overcharged or misled by transfer services.
Impact Analysis
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Milestones
Placed on Senate Legislative Calendar under General Orders. Calendar No. 387.
The bill is now on the schedule for the full chamber to consider. It's in line for debate and a vote.
Senate Committee on Banking, Housing, and Urban Affairs discharged, by petition, pursuant to 5 U.S.C. 802(c).
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
No votes have been recorded for this legislation yet.
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 "Consumer Financial Protection Circular 2024-02: Deceptive Marketing Practices About the Speed or Cost of Sending a Remittance Transfer".
Data Sources
Sponsor
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