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 "Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders; Rescission".
Consumer Protection: Keeping a Public List of Law-Breaking Financial Companies
This bill 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. No further actions are scheduled at this time.
Part of: story →Legislative Progress
This resolution faces a steep climb because it challenges a recent agency decision and would likely face a veto if it even passes both chambers of Congress.
Key Points
- This resolution aims to stop the Consumer Financial Protection Bureau from getting rid of a public database. This database lists nonbank financial companies, like payday lenders and debt collectors, that have been ordered by a court or agency to stop certain illegal practices.
- If this resolution passes, the government would be required to keep the registry active. This helps the public and regulators see which companies have a history of breaking consumer protection laws.
- Warren introduced this because she believes the registry is necessary to hold companies accountable. Without it, it might be harder for people to know if a financial company they are using has been in trouble before.
- The resolution uses a special law that allows Congress to overrule decisions made by government agencies. If both the House and Senate approve it and it is signed, the agency's decision to cancel the registry would be reversed.
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 "Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders; Rescission".
Data Sources
Sponsor
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