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 2024-02: Deceptive Marketing Practices About the Speed or Cost of Sending a Remittance Transfer".

Plain-English Summary

This bill is a Congressional disapproval resolution, which is a tool Congress can use to cancel or block a federal agency rule. Specifically, it targets a recent action by the Consumer Financial Protection Bureau (CFPB) — the agency that oversees financial products and consumer protections. The CFPB had previously issued guidance (called "Circular 2024-02") warning that deceptive marketing about the speed or cost of sending international money transfers (known as remittance transfers) could violate consumer protection laws. The CFPB then moved to withdraw that guidance, and this bill would use Congress's authority to block that withdrawal — effectively trying to keep the original consumer protection guidance in place.

In plain terms: the CFPB had a rule saying companies cannot mislead customers about how fast or how much it costs to send money abroad. The CFPB later decided to pull back that rule. This bill is Congress saying, "No — you cannot withdraw that protection."

Who is affected? This primarily impacts people who send money internationally — often immigrants sending funds to family members in other countries. It also affects the companies that provide these money transfer services, such as wire transfer businesses and financial apps. If the bill passes, those companies would still be subject to the original guidance warning against misleading advertising about transfer speeds and fees.

The bill has been 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.