A 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 "Truth in Lending (Regulation Z); Consumer Credit Offered to Borrowers in Advance of Expected Receipt of Compensation for Work".

What This Bill Does

This bill is a "resolution of disapproval," which is a special tool Congress can use to cancel or override a rule created by a federal agency. Specifically, it targets an action taken by the Consumer Financial Protection Bureau (CFPB) — the federal agency that oversees financial products and protects consumers in the marketplace. The CFPB recently withdrew (cancelled) an existing rule that governed how earned wage advance products must be disclosed to consumers. Earned wage advances — sometimes called "pay advance" or "earned wage access" products — are financial products that allow workers to access a portion of their paycheck before their official payday. This bill would disapprove of the CFPB's decision to withdraw that rule, effectively trying to reinstate the original consumer protection requirements.

Who Is Affected

This bill primarily affects workers who use earned wage advance services and the companies that offer those products. The original rule that the CFPB withdrew required these products to follow Truth in Lending Act standards, meaning companies had to clearly disclose interest rates and fees — similar to how credit card companies must disclose costs. If this resolution passes, those disclosure requirements would be restored, giving workers clearer information about the true cost of accessing their wages early. Companies offering these products would be required to comply with those transparency standards again.

Where Things Stand

The bill has been introduced in the Senate and sent to the Committee on Banking, Housing, and Urban Affairs for review. It has not yet been voted on. Because it is a joint resolution, it would need to pass both the House and Senate and be signed by the President to take effect.