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".

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

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