Bill

SJRES 36

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 "Prohibition on Creditors and Consumer Reporting Agencies Concerning Medical Information (Regulation V)".

119th Congress Introduced by John Cornyn and 5 co-sponsors

SJRES 36 seeks to disapprove a rule that prevents creditors from using medical information in credit decisions, potentially affecting consumers' credit access.

Introduced in Senate

WeVote Research Nonpartisan

Bill Summary · SJRES 36

Summary of SJRES 36

Bill Overview

Bill Number: SJRES 36
Title: 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 "Prohibition on Creditors and Consumer Reporting Agencies Concerning Medical Information (Regulation V)."
Status: Introduced in Senate
Introduced Date: March 11, 2025
Classification: Resolution

Purpose and Intent

SJRES 36 aims to disapprove a specific rule established by the Bureau of Consumer Financial Protection (CFPB) that prohibits creditors and consumer reporting agencies from using medical information in their credit decisions. The resolution seeks to nullify this regulation, asserting that it should have no legal effect.

Key Provisions

Disapproval of Regulation V: The resolution explicitly disapproves the rule published in the Federal Register on January 14, 2025, which is identified as "Prohibition on Creditors and Consumer Reporting Agencies Concerning Medical Information."
No Legal Force: If passed, the resolution would ensure that the aforementioned rule would not be enforceable, effectively allowing creditors and consumer reporting agencies to consider medical information in their assessments.

Affected Parties

Creditors and Consumer Reporting Agencies: The resolution primarily impacts these entities by potentially allowing them to access and utilize medical information when making credit decisions.
Consumers: Individuals seeking credit may be affected by changes in how their medical information is treated, which could influence their creditworthiness and access to financial products.

Legislative Actions

March 11, 2025: The resolution was read twice and referred to the Committee on Banking, Housing, and Urban Affairs for further consideration.
Introduced in Senate: The same date marks its introduction, indicating the beginning of the legislative process.

Related Legislation

HJRES 74: This is a companion bill in the House of Representatives, suggesting a coordinated effort to disapprove the same regulation.

Conclusion

SJRES 36 represents a significant legislative effort to overturn a consumer protection rule regarding medical information and its use in credit assessments. The resolution's passage could have substantial implications for both creditors and consumers in the financial landscape. As it progresses through the legislative process, stakeholders will be closely monitoring its developments and potential impacts.

Compiled from official sources — confirm details with the bill’s official record.