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 "Application of Regulation Z's Ability-To-Repay Rule to Certain Situations Involving Successors-In-Interest".

Plain-English Summary

This bill is a "congressional disapproval resolution," which is a formal tool Congress can use to cancel or block a rule created by a federal agency. In this case, the target is a decision made by the Consumer Financial Protection Bureau (CFPB) to *withdraw* an existing consumer protection rule. That original rule was related to mortgage lending and specifically protected certain people known as "successors-in-interest" — meaning people who inherit or otherwise take over ownership of a home from a family member, such as after a death or divorce.

The rule that the CFPB withdrew had provided clarity that mortgage lenders must evaluate whether these successors-in-interest can actually afford the loan before holding them fully responsible for it. This is part of a broader federal requirement called the "Ability-to-Repay" rule, which generally ensures lenders don't put borrowers into loans they cannot reasonably pay back. When the CFPB pulled back this protection, it created uncertainty about whether successors-in-interest would still be covered.

This resolution, if passed by both chambers of Congress and signed into law, would nullify the CFPB's withdrawal — effectively restoring the previous protection for successors-in-interest. The people most directly affected would be individuals who inherit a home or take over a mortgage after a family member passes away or transfers ownership, particularly in the context of whether a lender must assess their ability to repay before proceeding with the loan.

The bill was introduced in the Senate and has been referred to the Senate Banking, Housing, and Urban Affairs Committee, where it will be reviewed before any further action is taken.