SJRES 168
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 "Consumer Financial Protection Circular 2024-01: Preferencing and Steering Practices by Digital Intermediaries for Consumer Financial Products or Services".
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Bill overview
This joint resolution seeks to overturn a rule issued by the Bureau of Consumer Financial Protection. The rule concerned the withdrawal of a previous circular addressing how digital intermediaries – like online platforms – might influence consumer choices regarding financial products and services through preferential placement or steering. Congress is using the process of congressional disapproval to nullify this rule, effectively preventing it from being implemented.
Key provisions
- Congress disapproves of the Bureau of Consumer Financial Protection’s rule.
- The rule’s withdrawal regarding Consumer Financial Protection Circular 2024-01 is challenged.
- The rule is declared to have no force or effect.
- This action utilizes the congressional disapproval process under Title 5 of the U.S. Code.
Who is affected
- Digital Intermediaries
- Consumers of Financial Products or Services
- Bureau of Consumer Financial Protection
- Congress
Notable changes
- This resolution attempts to limit the influence of digital platforms on consumer financial decisions.
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119th CONGRESS — 2d Session
S. J. RES. 168
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 Consumer Financial Protection Circular 2024–01: Preferencing and Steering Practices by Digital Intermediaries for Consumer Financial Products or Services
.
That Congress disapproves the rule submitted by the Bureau of Consumer Financial Protection relating to the withdrawal of the rule relating to Consumer Financial Protection Circular 2024–01: Preferencing and Steering Practices by Digital Intermediaries for Consumer Financial Products or Services (89 Fed. Reg. 17706 (March 12, 2024))
(90 Fed. Reg. 20084 (May 12, 2025)), and such rule shall have no force or effect.