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 "Application of Regulation Z's Ability-To-Repay Rule to Certain Situations Involving Successors-In-Interest".
Sponsored By: Representative Fields, Cleo [D-LA-6]
Introduced
Summary
Disapproves the CFPB's withdrawal of the 2014 Regulation Z Ability‑To‑Repay guidance for successors‑in‑interest. It targets CFPB action removing that guidance and affects situations involving successors‑in‑interest in mortgage lending.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Restore Ability-to-Repay rules for heirs
If enacted, this joint resolution would nullify the CFPB action published at 90 Fed. Reg. 20084 (May 12, 2025) that withdrew earlier guidance. That would leave the CFPB's 2014 Ability-to-Repay guidance (79 Fed. Reg. 41631, July 17, 2014) in place for successors-in-interest. Homeowners who inherit a property and try to assume or refinance the mortgage would continue to be covered by that guidance. The resolution does not set an effective date or create new regulations.
Sponsors & CoSponsors
Sponsor
Fields, Cleo [D-LA-6]
LA • D
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
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