Sen. Wyden Introduces Resolution to Block CFPB From Removing Credit Privacy Rules
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 Credit Reporting; Permissible Purposes for Furnishing, Using, and Obtaining Consumer Reports".
This bill is currently in the early stages of the legislative process. It has been sent to the Senate Committee on Banking, Housing, and Urban Affairs for review. No further actions are scheduled at this time.
Legislative Progress
Key Points
- Sen. Wyden introduced a Congressional Review Act resolution to block the CFPB from withdrawing its 2022 rule on fair credit reporting. The 2022 rule set limits on when companies can pull or use your credit report.
From policy text
“Congress disapproves the rule submitted by the Bureau of Consumer Financial Protection relating to the withdrawal of the rule relating to ``Fair Credit Reporting; Permissible Purposes for Furnishing, Using, and Obtaining Consumer Reports (87 Fed. Reg. 41243 (July 12, 2022))'' (90 Fed. Reg. 20084 (May 12, 2025)), and such rule shall have no force or effect.”
View in full text - If this resolution passes, the CFPB's decision to pull back its credit reporting privacy protections would be canceled, keeping the original 2022 rule in place. This means companies would still need to follow strict rules about when they can access your credit data.
- Credit reports play a huge role in everyday life, affecting whether you can get a loan, rent a home, or even land a job. Keeping these protections in place would help prevent companies from accessing your private financial data without a proper legal reason.
- The resolution was referred to the Senate Banking, Housing, and Urban Affairs Committee. As a CRA resolution introduced by a Democratic senator in a Republican-controlled Congress, it faces long odds of advancing.
From policy text
“Mr. Wyden introduced the following joint resolution; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs”
View in full text
Impact Analysis
Personal Impact
Milestones
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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 "Fair Credit Reporting; Permissible Purposes for Furnishing, Using, and Obtaining Consumer Reports".
Data Sources
Sponsor
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