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 "Fair Credit Reporting Act; Preemption of State Laws".
Sen. Whitehouse Introduces Resolution to Block CFPB Rule on State Credit Reporting Laws
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.
Part of: story →Legislative Progress
Resolutions to overturn agency rules are difficult to pass because they require support from both chambers of Congress and must be signed by the president, who usually supports the agency's actions.
Key Points
Impact Analysis
Personal Impact
Credit reports play a central role in mortgage lending decisions. If this resolution passes and blocks the CFPB preemption rule, states could enforce stricter credit reporting standards that might benefit homeowners by improving credit report accuracy. However, the actual effect depends on what specific state laws would be preserved or enabled, making the net impact uncertain.
Milestones
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.
Placed on Senate Legislative Calendar under General Orders. Calendar No. 399.
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.
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 "Fair Credit Reporting Act; Preemption of State Laws".
Data Sources
Sponsor
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