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 "Bulletin 2012-04: Lending discrimination (April 18, 2012)".

What This Bill Does

This bill is a "resolution of disapproval," which is a tool Congress can use to block or reverse a rule created by a federal agency. Specifically, it targets a decision made by the Consumer Financial Protection Bureau (CFPB) — the federal agency that oversees financial products and consumer lending — to withdraw a policy guidance document known as "Bulletin 2012-04." That bulletin, originally issued in 2012, dealt with lending discrimination and provided guidance to lenders about fair lending practices.

Background on the Original Bulletin

The 2012 bulletin instructed lenders — particularly auto lenders and mortgage companies — to be aware of and address potential racial and other forms of discrimination in how they set loan prices and terms. The CFPB later chose to withdraw that bulletin, effectively removing that guidance. This congressional resolution is pushing back against that withdrawal, meaning it is trying to reinstate the original anti-discrimination guidance by disapproving of the CFPB's decision to remove it.

Who Is Affected

This bill primarily affects lenders — such as banks, auto dealers, and mortgage companies — who would be subject to fair lending oversight, as well as consumers who borrow money for things like cars or homes. If the resolution were to pass, lenders would once again operate under the CFPB's original 2012 guidance on lending discrimination. The bill has been introduced in the Senate and referred to the Banking, Housing, and Urban Affairs Committee, where it would need to advance before any further action could be taken.