A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Office of the Comptroller of the Currency relating to "Preemption Determination: State Interest-on-Escrow Laws".
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Committee
Latest Action · July 29, 2026
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
This joint resolution uses Congress's authority to reject federal regulations and would disapprove a rule issued by the Office of the Comptroller of the Currency regarding state laws on interest paid on escrow accounts. The rule, published in the Federal Register on May 19, 2026, would have determined that federal banking law preempts certain state laws governing how banks must handle interest earned on escrow deposits. If passed, this resolution would invalidate the rule entirely, preventing it from taking effect and allowing state interest-on-escrow laws to remain in force without federal preemption. The measure was introduced by Senator Reed and referred to the Senate Banking, Housing, and Urban Affairs Committee. This type of resolution is a congressional tool to block agency regulations the legislative branch opposes.
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