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 "Statement of Policy Regarding Prohibition on Abusive Acts or Practices".
Sen. Durbin Pushes to Block CFPB From Changing Rules on Abusive Financial Practices
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. There are no upcoming votes scheduled at this time.
Legislative Progress
Key Points
Impact Analysis
Personal Impact
Small business owners who offer consumer financial products (like store credit or payment plans) would remain subject to the original CFPB guidance on abusive practices if this resolution passes. While this maintains a clear framework for compliance, it also means stricter scrutiny of their lending and fee practices compared to what the withdrawal would have allowed.
Milestones
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text: CR S1617)
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
No related news coverage found for this legislation yet.
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 "Statement of Policy Regarding Prohibition on Abusive Acts or Practices".
Data Sources
Sponsor
Analysis generated by AI. Always verify with official sources.