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 "Consumer Financial Protection Circular 2023-02: Reopening Deposit Accounts That Consumers Previously Closed".

What This Bill Does

This joint resolution is a formal Congressional action to block a recent decision made by the Consumer Financial Protection Bureau (CFPB). Specifically, the CFPB had previously issued guidance in 2023 telling banks and financial institutions that they should not reopen a customer's bank account after the customer has closed it — without that customer's permission. More recently, the CFPB moved to withdraw (cancel) that guidance. This resolution would use Congress's authority to disapprove of that withdrawal, essentially trying to prevent the CFPB from undoing its original consumer protection rule.

Who It Affects

This bill primarily affects everyday Americans who have bank accounts, as well as the banks and financial institutions that manage those accounts. The original 2023 guidance was designed to protect consumers from having their closed bank accounts reopened without their knowledge or consent — something that could result in unexpected fees, charges, or other financial complications. If this resolution passes, the CFPB's original protections would remain in effect, meaning banks would still be prohibited from reopening accounts that customers intentionally closed.

Where Things Stand

The resolution was introduced in the Senate and referred to the Committee on Banking, Housing, and Urban Affairs, where it will be reviewed before any further action is taken. It has not yet been voted on. This type of resolution — known as a Congressional Review Act resolution — is a tool Congress can use to check the actions of federal agencies, in this case pushing back on the CFPB's decision to roll back its own consumer protection guidance.