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SJRES 128 · introduced · significant

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 2024-03: Unlawful and Unenforceable Contract Terms and Conditions".

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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 2024-03: Unlawful and Unenforceable Contract Terms and Conditions".

What this bill does

  • Congress rejects the CFPB's withdrawal of guidance on illegal contract terms in consumer financial services.
  • This affects banks, lenders, and other financial companies that offer products to consumers.
  • The resolution uses Congressional Review Act procedures to reinstate the June 2024 guidance immediately if passed.

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Community Threads

Started by Cosponsor

  1. 01

    How would reinstating the CFPB's guidance on illegal contract terms change what financial products banks and lenders can currently offer to consumers?

  2. 02

    What evidence supports the argument that the withdrawn guidance addressed genuine consumer protection problems that need Congressional intervention?

  3. 03

    Which financial institutions and consumer groups would be most affected by this resolution, and what are their competing concerns?

Cosponsor writes these to seed civic discussion — they aren't user posts. Sign in to reply.

Sponsor · D-NV

Catherine Cortez Masto

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Introduced 2026-04-27

Legislative timeline

  1. 2026-04-27 · senate · Calendars

    Placed on Senate Legislative Calendar under General Orders. Calendar No. 384.

  2. 2026-04-27 · senate · Discharge

    Senate Committee on Banking, Housing, and Urban Affairs discharged, by petition, pursuant to 5 U.S.C. 802(c).

  3. 2026-04-27 · Committee

    Senate Committee on Banking, Housing, and Urban Affairs discharged, by petition, pursuant to 5 U.S.C. 802(c).

  4. 2026-03-17 · senate · IntroReferral

    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

  5. 2026-03-17 · IntroReferral

    Introduced in Senate

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