HJRES 163
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 "Application of Regulation Z's Ability-To-Repay Rule to Certain Situations Involving Successors-In-Interest".
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Bill overview
This joint resolution aims to block a specific rule issued by the Bureau of Consumer Financial Protection. The rule concerned how Regulation Z’s ability-to-repay rule applies when a loan is sold to a successor-in-interest. Congress is using the process outlined in U.S. Code to formally disapprove this rule, effectively nullifying its impact.
Key provisions
- Congress is exercising its authority to disapprove rules under Chapter 8 of Title 5 of the United States Code.
- The resolution specifically targets a rule withdrawn by the Bureau of Consumer Financial Protection.
- The rule addressed the application of Regulation Z’s ability-to-repay rule in loan sales.
- The resolution seeks to prevent the rule from having any legal effect.
Who is affected
- Borrowers
- Lenders
- Financial Institutions
- The Bureau of Consumer Financial Protection
- Consumers who may have received loans sold to successors-in-interest
Notable changes
- This action could alter the interpretation and enforcement of Regulation Z’s ability-to-repay requirements.
- It represents a congressional effort to limit the Bureau’s rulemaking authority in this area.
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119th CONGRESS — 2d Session
H. J. RES. 163
IN THE HOUSE OF REPRESENTATIVES
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 Application of Regulation Z’s Ability-To-Repay Rule to Certain Situations Involving Successors-In-Interest
.
That Congress disapproves the rule submitted by the Bureau of Consumer Financial Protection relating to the withdrawal of the rule relating to Application of Regulation Z's Ability-To-Repay Rule to Certain Situations Involving Successors-In-Interest (79 Fed. Reg. 41631 (July 17, 2014))
(90 Fed. Reg. 20084 (May 12, 2025)), and such rule shall have no force or effect.