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119-hr-8777119th CongressWALLET

GUIDANCE Act of 2026

Sponsored By: Representative Waters, Maxine [D-CA-43]

Introduced

Summary

Restoring consumer financial protections is the bill's main aim. It would nullify a set of CFPB rule withdrawals and reinstate numerous guidance and rules covering credit reporting, debt collection, overdraft opt-in, and data security.

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  • Consumers would regain a range of protections, including tighter rules on credit reporting, limits on medical-debt reporting and collection, and guidance on overdraft opt-in and reopening closed deposit accounts.
  • Active-duty servicemembers and their covered dependents would see restored CFPB examinations and safeguards targeted at risks to military families.
  • Banks, debt collectors, and other financial firms would again face the guidance and enforcement expectations in those restored rules, including whistleblower protections and limits on unfair or deceptive contract and collection practices.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 1 benefits, 0 costs, 0 mixed.

Restore consumer financial protections

This bill would undo the CFPB withdrawals published May 12, 2025 (90 Fed. Reg. 20084 and 20086). It would put back many prior CFPB guidance letters, bulletins, and circulars issued from 2012–2024. Consumers would regain protections on debt collection and medical‑debt practices, credit reporting and dispute rules, overdraft and returned‑deposit fee practices, and rules on reopening consumer‑closed deposit accounts. The bill would also restore guidance on certain home‑financing issues (for example, contracts for deed and ability‑to‑repay for successors‑in‑interest), lending discrimination rules, remittance disclosures, unlawful contract and negative‑option terms, and CFPB enforcement and whistleblower policy. These restorations would take effect upon enactment.

Sponsors & CoSponsors

Sponsor

Waters, Maxine [D-CA-43]

CA • D

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

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