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".
- Sponsor
- Rep. Pettersen, Brittany [D-CO-7]
- Committees
- Financial Services Committee (primary)
- Last action
- Apr 30, 2026
Bottom line
This resolution uses the CRA to block the BCFP's attempt to withdraw a prior rule on consumer credit reporting, aiming to keep the original rule in force.
What it actually does
This joint resolution, introduced under the Congressional Review Act (CRA), seeks to nullify a rule issued by the Bureau of Consumer Financial Protection (BCFP) on May 12, 2025 (90 Fed. Reg. 20084). That BCFP rule concerned the withdrawal of an earlier rule from July 12, 2022 (87 Fed. Reg. 41243) regarding "Fair Credit Reporting; Permissible Purposes for Furnishing, Using, and Obtaining Consumer Reports." By disapproving the BCFP's withdrawal rule, this resolution would effectively prevent the original 2022 rule from being withdrawn, thereby keeping it in effect.
Proponents argue
Proponents of this resolution would argue that the BCFP's decision to withdraw the 2022 rule was misguided or harmful to consumers, credit reporting agencies, or other stakeholders. They would assert that the original 2022 rule on "Permissible Purposes for Furnishing, Using, and Obtaining Consumer Reports" was necessary and beneficial, and its withdrawal would create regulatory uncertainty or negatively impact the fair credit reporting system. They likely believe the original rule provided important clarity or protections that should remain.
Opponents contend
Opponents of this resolution (and by extension, supporters of the BCFP's withdrawal rule) would contend that the BCFP's withdrawal of the 2022 rule was appropriate and necessary. They might argue that the original 2022 rule was overly burdensome, ineffective, or had unintended negative consequences, and its removal was a sensible regulatory action. They would likely support the BCFP's authority to manage its regulatory agenda and believe that Congress should not interfere with this specific withdrawal.
The bill text itself is extremely short and can be read in under a minute. However, understanding its full implications requires significant background knowledge of the BCFP rules it references.
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That Congress disapproves...
Congressional Disapproval of BCFP Rule Withdrawal
This provision states that Congress formally disapproves of the Bureau of Consumer Financial Protection's (BCFP) rule, published on May 12, 2025, which withdrew a previous rule concerning permissible purposes for credit reporting. If this resolution passes, the BCFP's withdrawal action would be nullified, meaning the original 2022 rule on fair credit reporting would not be withdrawn and would continue to be in effect.
Supporters argue
Supporters argue that disapproving the BCFP's withdrawal ensures that the protections or clarifications provided by the original 2022 rule remain in place. They believe the original rule was beneficial for maintaining fairness and transparency in consumer credit reporting, and its withdrawal would have created a regulatory gap or weakened consumer safeguards.
Critics contend
Opponents contend that Congress should not interfere with the BCFP's decision to withdraw its own rule. They would argue that the BCFP likely had valid reasons for the withdrawal, perhaps finding the original rule to be ineffective, overly burdensome, or superseded by other developments. They may also view this as an overreach of congressional authority into agency rulemaking.
Tradeoffs
The resolution highlights a tension between congressional oversight of agency rulemaking and the executive branch's discretion in managing its regulatory agenda. It also reflects differing views on the necessity and impact of the original 2022 BCFP rule on fair credit reporting.