HJRES 164
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); Revocations or Unfavorable Changes to the Terms of Existing Credit Arrangements".
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Bill overview
This joint resolution seeks to disapprove a rule issued by the Bureau of Consumer Financial Protection. The rule involved the withdrawal of the Equal Credit Opportunity (Regulation B) rule, which addresses revocations or unfavorable changes to existing credit arrangements. Congress is using the process outlined in U.S. Code, chapter 8, to formally reject this Bureau action.
Key provisions
- Congress disapproves the Bureau of Consumer Financial Protection’s rule.
- The rule concerns the withdrawal of the Equal Credit Opportunity (Regulation B) rule.
- The resolution targets changes to existing credit arrangements.
- It utilizes the congressional disapproval process under Title 5 of the U.S. Code.
- The disapproved rule will have no legal effect.
Who is affected
- Consumers
- Financial Institutions
- The Bureau of Consumer Financial Protection
- Credit Applicants
Notable changes
- This action directly challenges a recent Bureau rule.
- It aims to reinstate or maintain the previous Equal Credit Opportunity (Regulation B) rule.
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119th CONGRESS — 2d Session
H. J. RES. 164
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 Equal Credit Opportunity (Regulation B); Revocations or Unfavorable Changes to the Terms of Existing Credit Arrangements
.
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); Revocations or Unfavorable Changes to the Terms of Existing Credit Arrangements (87 Fed. Reg. 30097 (May 18, 2022))
(90 Fed. Reg. 20084 (May 12, 2025)), and such rule shall have no force or effect.