SJRES 166
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 "Equal Credit Opportunity (Regulation B); Discrimination on the Bases of Sexual Orientation and Gender Identity".
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Bill overview
This joint resolution seeks to overturn a rule issued by the Bureau of Consumer Financial Protection. The rule allowed lenders to discriminate against individuals based on sexual orientation and gender identity in credit decisions. Congress is using the process of congressional disapproval to invalidate this rule, asserting that it undermines existing equal credit opportunity protections.
Key provisions
- Congress is exercising its authority to disapprove federal agency rules.
- The resolution specifically targets a rule regarding Equal Credit Opportunity (Regulation B).
- The rule in question allowed discrimination based on sexual orientation and gender identity.
- The resolution aims to maintain existing protections against discrimination in lending.
- It utilizes the process of congressional disapproval as outlined in Title 5 of the United States Code.
Who is affected
- Lenders and financial institutions
- Borrowers
- Individuals seeking credit
- The Bureau of Consumer Financial Protection
Notable changes
- This action seeks to reinstate protections against discrimination based on sexual orientation and gender identity in credit lending.
- It challenges the Bureau of Consumer Financial Protection’s interpretation of Equal Credit Opportunity Act.
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119th CONGRESS — 2d Session
S. J. RES. 166
IN THE SENATE OF THE UNITED STATES
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 Equal Credit Opportunity (Regulation B); Discrimination on the Bases of Sexual Orientation and Gender Identity
.
That Congress disapproves the rule submitted by the Bureau of Consumer Financial Protection relating to the withdrawal of the rule relating to Equal Credit Opportunity (Regulation B); Discrimination on the Bases of Sexual Orientation and Gender Identity, 86 Fed. Reg. 14363 (March 16, 2021)
(90 Fed. Reg. 20084 (May 12, 2025)), and such rule shall have no force or effect.