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 2023-02: Reopening Deposit Accounts That Consumers Previously Closed".

Key Points

• Sen. Whitehouse introduced a plan to stop a recent change by the Consumer Financial Protection Bureau. The change would have made it easier for banks to reopen accounts that customers had already closed.
• When banks reopen closed accounts without a customer's knowledge, it often leads to surprise fees. These can include monthly service charges or fees for automatic payments that the customer thought were stopped.
• This resolution aims to keep a 2023 consumer protection rule active. That rule warned banks they could be breaking the law if they reopened accounts and charged fees without a customer's permission.
• If this measure passes, the agency's attempt to cancel these protections would be blocked. This would ensure that a closed account stays closed unless the customer specifically asks to open it again.

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