HJRES 173
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 2023-02: Reopening Deposit Accounts That Consumers Previously Closed".
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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, Consumer Financial Protection Circular 2023-02, which allowed consumers to reopen deposit accounts they had previously closed. Congress is using the process of congressional disapproval to invalidate this specific rule, effectively preventing it from being implemented.
Key provisions
- Congress is exercising its authority to disapprove federal agency rules.
- The resolution targets a specific rule issued by the Bureau of Consumer Financial Protection.
- The rule in question dealt with the reopening of previously closed deposit accounts.
- It aims to nullify the Bureau’s withdrawal of Consumer Financial Protection Circular 2023-02.
Who is affected
- Consumers
- Banks and financial institutions
- The Bureau of Consumer Financial Protection
Notable changes
- This action prevents the Bureau of Consumer Financial Protection from implementing the rule regarding reopening closed deposit accounts.
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119th CONGRESS — 2d Session
H. J. RES. 173
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 Consumer Financial Protection Circular 2023–02: Reopening Deposit Accounts That Consumers Previously Closed
.
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 2023–02: Reopening Deposit Accounts That Consumers Previously Closed (88 Fed. Reg. 33545 (May 24, 2023))
(90 Fed. Reg. 20084 (May 12, 2025)), and such rule shall have no force or effect.