SJRES 177
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 "Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders; Rescission".
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Bill overview
This joint resolution aims to block a rule issued by the Bureau of Consumer Financial Protection. The rule concerns a registry of nonbank financial companies that have been subject to agency or court orders. Congress is using the process outlined in U.S. Code Chapter 8 to disapprove of this specific rule, effectively nullifying its impact.
Key provisions
- Congress disapproves the Bureau of Consumer Financial Protection rule.
- The rule regarding the Registry of Nonbank Covered Persons is invalidated.
- The rule’s withdrawal is specifically targeted.
- The resolution utilizes the congressional disapproval process under Title 5 of the U.S. Code.
- The rule is deemed to have no force or effect.
Who is affected
- Bureau of Consumer Financial Protection
- Nonbank financial companies
- Consumers of nonbank financial services
Notable changes
- This action represents a congressional attempt to limit the Bureau of Consumer Financial Protection’s authority.
- It specifically targets a particular rule related to a registry of financial institutions.
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119th CONGRESS — 2d Session
S. J. RES. 177
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 Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders; Rescission
.
That Congress disapproves the rule submitted by the Bureau of Consumer Financial Protection relating to the withdrawal of the rule relating to Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders; Rescission
(90 Fed. Reg. 48760 (October 29, 2025)), and such rule shall have no force or effect.