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 Information Requests to Large Banks and Credit Unions".
Banking: Protecting Consumer Information Requests
This resolution is currently in the early stages of the legislative process. It was introduced in the Senate and sent to the Committee on Banking, Housing, and Urban Affairs for review. There are no upcoming votes scheduled at this time.
Legislative Progress
This resolution faces a difficult path because it would need to pass both chambers of Congress and would likely face a veto if the agency is acting under the current administration.
Key Points
- Sen. Warren introduced a plan to stop a government agency from canceling rules that help people get information from their banks.
- The rules in question require large banks and credit unions to give customers clear and helpful answers when they ask for details about their accounts or fees.
- If this resolution passes, the Bureau of Consumer Financial Protection would be blocked from throwing out these consumer protections.
- This matters because it ensures that regular people can easily access their own financial records without being ignored or blocked by big financial companies.
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.
Related News
3 articlesSenate Moves to Restore CFPB Bank Data Access Rules via Congressional Review Act
The Senate advanced a joint resolution to nullify the CFPB's recent withdrawal of guidance that prohibited large banks from charging fees for account information requests. Proponents argue the move restores essential consumer rights to access financial records without financial barriers.
The New Front in the Bank Fee War: Congress Rebukes CFPB Deregulation
A bipartisan group of lawmakers is using the Congressional Review Act to block the CFPB's rollback of consumer data protections. The move signals a major clash over 'junk fees' as the agency's current leadership seeks to reduce what it calls 'prescriptive' guidance on bank information requests.
Lawmakers Move to Block CFPB From Dropping Bank Information Rules
The joint resolution introduced this week would effectively revive an Obama-era interpretation of the Consumer Financial Protection Act. Banking trade groups warn that restoring the rule could increase compliance costs and administrative burdens for large credit unions and national banks.
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 Information Requests to Large Banks and Credit Unions".
Data Sources
Sponsor
Analysis generated by AI. Always verify with official sources.