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 "Truth in Lending (Regulation Z); Consumer Credit Offered to Borrowers in Advance of Expected Receipt of Compensation for Work".
Earned Wage Access: Blocking Changes to Consumer Lending 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 challenges an agency action under a different party's control and is unlikely to get the necessary votes to pass both chambers and avoid a veto.
Key Points
- Sen. Merkley introduced a measure to stop the Consumer Financial Protection Bureau from canceling a rule about earned wage access. These services allow employees to get their paychecks early, often for a fee.
- The resolution aims to keep specific legal requirements in place for companies that offer these advances. This helps ensure that these products are clearly defined under federal lending laws so workers understand the costs involved.
- If this resolution passes, the agency would be legally blocked from scrapping the current guidelines. This would force the government to maintain the existing standards for how these financial apps and services must treat their customers.
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 "Truth in Lending (Regulation Z); Consumer Credit Offered to Borrowers in Advance of Expected Receipt of Compensation for Work".
Data Sources
Sponsor
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