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 "Fair Credit Reporting; Permissible Purposes for Furnishing, Using, and Obtaining Consumer Reports".

Plain-English Summary

This bill is a "resolution of disapproval," which is a tool Congress can use to cancel or block a regulation that a federal agency has put in place. Specifically, this bill targets a decision made by the Consumer Financial Protection Bureau (CFPB) — the federal agency that oversees financial products and consumer protections. The CFPB had previously withdrawn a rule about when companies are allowed to access, share, and use people's credit reports. This bill would disapprove of the CFPB's decision to withdraw that rule, essentially trying to reinstate or preserve the original consumer credit reporting protections.

The underlying rule in question dealt with "permissible purposes" for credit reports — meaning the specific, legally allowed reasons a business or individual can pull someone's credit history. Credit reports contain sensitive financial information, and federal law limits who can access them and why. The rule the CFPB withdrew had set guidelines around those limits, and the CFPB's decision to pull back that rule is what Congress is now being asked to reject.

This bill would affect everyday Americans who have credit reports — which is most adults in the country — as well as businesses like lenders, landlords, and employers who routinely request credit information. If the disapproval resolution passes, it could restore restrictions on who can access consumer credit data. The bill was introduced in the Senate and has been referred to the Senate Banking Committee, where it will be reviewed before any further action is taken.