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.
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.
Motion to proceed to consideration of measure rejected in Senate by Voice Vote.
The Senate is voting on whether to even start debating this bill. This vote can be used to block bills before discussion begins.
Motion to proceed to consideration of measure rejected in Senate by Voice Vote. (consideration: CR S2271-2272)
The Senate is voting on whether to even start debating this bill. This vote can be used to block bills before discussion begins.
Placed on Senate Legislative Calendar under General Orders. Calendar No. 395.
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. (text: CR S1617)
Sent to a congressional committee for expert review. The committee decides whether this bill moves forward.
No votes have been recorded for this legislation yet.
No related news coverage found for this legislation yet.
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".
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