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 "Equal Credit Opportunity (Regulation B); Revocations or Unfavorable Changes to the Terms of Existing Credit Arrangements".
Credit Card Protections: Overturning Changes to Account Rules
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
This resolution is a challenge to a federal agency rule. These measures rarely pass unless the sponsoring party controls both houses of Congress and the White House.
Key Points
- This resolution seeks to block a recent decision by the Consumer Financial Protection Bureau. That agency recently canceled a rule that set standards for how banks and credit card companies handle changes to a person's credit account.
- If this resolution passes, it would stop the agency from getting rid of those older protections. This would mean lenders must continue to follow specific steps before they can close an account or make negative changes to a customer's credit terms.
- The goal is to make sure people get fair notice and clear explanations when a lender decides to lower a credit limit or change an interest rate. This helps prevent consumers from being surprised by sudden changes to their available credit or monthly costs.
- This action uses a special law that allows Congress to review and cancel rules made by federal agencies. If both the House and Senate approve it and the president signs it, the agency's recent change would be completely erased.
Impact Analysis
Govbase has not yet run an impact analysis on this legislation.
Milestones
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
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 "Equal Credit Opportunity (Regulation B); Revocations or Unfavorable Changes to the Terms of Existing Credit Arrangements".
Data Sources
Sponsor
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