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 "Consumer Financial Protection Circular 2024-03: Unlawful and Unenforceable Contract Terms and Conditions".
Sponsored By: Representative Vargas, Juan [D-CA-52]
Introduced
Summary
Would nullify the CFPB rule that withdrew Consumer Financial Protection Circular 2024-03 on unlawful and unenforceable contract terms. That would keep Circular 2024-03 in effect and prevent the withdrawal from taking effect.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Keep CFPB contract protections
This bill would block the Consumer Financial Protection Bureau (CFPB) from withdrawing Consumer Financial Protection Circular 2024-03 (89 Fed. Reg. 51955 (June 21, 2024)). It would say the CFPB rule to withdraw that circular (90 Fed. Reg. 20084 (May 12, 2025)) has no force or effect. If enacted, the CFPB guidance on which contract terms are unlawful or unenforceable would remain in place and could affect consumers, borrowers, and businesses.
Sponsors & CoSponsors
Sponsor
Vargas, Juan [D-CA-52]
CA • D
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov