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119-sjres-145119th CongressWALLET

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 the withdrawal of the rule relating to "Fair Credit Reporting; Permissible Purposes for Furnishing, Using, and Obtaining Consumer Reports".

Sponsored By: Senator Wyden, Ron [D-OR]

In Committee

Summary

Keeps the 2022 fair credit reporting rule in place by disapproving the withdrawal. This joint resolution would render the Bureau of Consumer Financial Protection's May 12, 2025 withdrawal rule powerless and preserve the July 12, 2022 regulation on permissible purposes for furnishing, using, and obtaining consumer reports.

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Bill Overview

Analyzed Economic Effects

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

Protect consumer credit-report rules

If enacted, this resolution would disapprove the CFPB rule that withdraws the 2022 "Fair Credit Reporting; Permissible Purposes" rule (87 Fed. Reg. 41243, July 12, 2022). It would declare the referenced withdrawal notice (90 Fed. Reg. 20084, May 12, 2025) to have no force or effect. This would keep the 2022 limits on who may furnish, use, or obtain consumer reports. Consumers, credit reporting agencies, lenders, employers, and landlords would be the main groups affected. The change would take effect upon enactment.

Sponsors & CoSponsors

Sponsor

Wyden, Ron [D-OR]

OR • D

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

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