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 "Fair Credit Reporting Act; Preemption of State Laws".
Sponsored By: Senator Sheldon Whitehouse
Introduced
Summary
This resolution would nullify the CFPB rule on preemption under the Fair Credit Reporting Act. That action would make the CFPB rule have no force or effect.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 0 benefits, 0 costs, 1 mixed.
Let states enforce credit laws
If enacted, this joint resolution would disapprove a CFPB rule. The rule is titled "Fair Credit Reporting Act; Preemption of State Laws" (90 Fed. Reg. 48710 (May 12, 2025)). The resolution would make that rule have no force or effect. States would then be able to enforce or adopt their own consumer protection or credit reporting laws. That could strengthen protections for consumers in some states. It could also create different rules for banks and lenders across states and raise compliance costs.
Sponsors & CoSponsors
Sponsor
Sheldon Whitehouse
RI • D
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
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