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 "Prohibition on Creditors and Consumer Reporting Agencies Concerning Medical Information (Regulation V)".

Key Points

• This resolution uses the Congressional Review Act to cancel a Consumer Financial Protection Bureau rule that banned creditors and credit reporting agencies from using medical debt information in lending decisions.
• The CFPB rule being targeted was published on January 14, 2025 and was designed to keep medical bills off credit reports, helping millions of Americans whose credit scores have been dragged down by medical debt that often has nothing to do with how responsibly they manage money.
• If this resolution passes both chambers and is signed into law, the CFPB rule would be permanently erased. Credit bureaus could continue listing medical collections on consumer files, and lenders could keep using that data when deciding whether to approve loans.
• The resolution was introduced by Senator Rounds along with four Republican co-sponsors and was referred to the Senate Committee on Banking, Housing, and Urban Affairs. Under the Congressional Review Act, the CFPB would also be blocked from issuing a substantially similar rule in the future.