SJRES 170
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 "Compliance Bulletin 2016-03: Detecting and Preventing Consumer Harm From Production Incentives".
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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 rule regarding production incentives and their potential to cause consumer harm. Congress is using the process of congressional disapproval to invalidate this specific rule, effectively rendering it unenforceable.
Key provisions
- Congress disapproves of the Bureau of Consumer Financial Protection’s rule.
- The rule regarding the withdrawal of Compliance Bulletin 2016-03 is specifically targeted.
- 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
- Consumers
- The Bureau of Consumer Financial Protection
- Financial Institutions
Notable changes
- This resolution attempts to reverse a specific regulatory action taken by the Bureau of Consumer Financial Protection.
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119th CONGRESS — 2d Session
S. J. RES. 170
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 Compliance Bulletin 2016–03: Detecting and Preventing Consumer Harm From Production Incentives
.
That Congress disapproves the rule submitted by the Bureau of Consumer Financial Protection relating to the withdrawal of the rule relating to Compliance Bulletin 2016–03: Detecting and Preventing Consumer Harm From Production Incentives (82 Fed. Reg. 5541 (January 18, 2017))
(90 Fed. Reg. 20084 (May 12, 2025)), and such rule shall have no force or effect.