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 "Consumer Financial Protection Circular 2022-04: Insufficient Data Protection or Security for Sensitive Consumer Information".
Sen. Rosen Introduces Resolution to Restore CFPB Data Security Protections for Consumers
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
Resolutions to overturn agency rules are difficult to pass because they require support from both chambers of Congress and can be blocked by the president.
Key Points
Impact Analysis
Personal Impact
Small financial businesses and fintech companies would remain subject to the original CFPB circular requiring strong data security practices. For businesses that already have good security, this changes little, but for those hoping the withdrawal would ease compliance costs, it means continued regulatory obligations around consumer data protection.
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 "Consumer Financial Protection Circular 2022-04: Insufficient Data Protection or Security for Sensitive Consumer Information".
Data Sources
Sponsor
Analysis generated by AI. Always verify with official sources.