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 Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders.
About This Bill
Committee
Latest Action · August 30, 2024
Referred to the House Committee on Financial Services.
This joint resolution seeks to overturn a rule issued by the Bureau of Consumer Financial Protection (CFPB) in July 2024 that creates a registry of nonbank financial companies subject to agency enforcement actions and court orders. The resolution uses the Congressional Review Act, a federal law allowing Congress to disapprove and invalidate recently issued agency rules. If passed, the rule would be eliminated and prevented from taking effect. The measure affects nonbank financial companies that provide consumer financial services, such as fintech lenders and payment processors, by blocking the CFPB's authority to maintain a public registry of those entities facing regulatory or legal action. There is no specified funding requirement or implementation timeline, as the resolution simply aims to nullify an existing rule rather than establish a new program.
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