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 "Debt Collection Practices (Regulation F); Pay-to-Pay Fees".

Summary of SJRES 125 (119th Congress, Joint Resolution)

Purpose

• To provide for congressional disapproval under the “override” process in chapter 8 of title 5, United States Code, of a rule submitted by the Bureau of Consumer Financial Protection (Bureau) related to the withdrawal of the rule addressing Debt Collection Practices (Regulation F) and specifically Pay-to-Pay Fees.
• In effect, the joint resolution would nullify the Bureau’s withdrawal rule for Regulation F (Pay-to-Pay Fees) and ensure the rule has no force or effect.

Key Provisions

• Disapproval mechanism: The resolution declares Congress’s disapproval of the Bureau’s withdrawal of the rule titled “Debt Collection Practices (Regulation F); Pay-to-Pay Fees.”
• Effect of disapproval: Once enacted, the rule withdrawal would have no force or effect. This means the previously existing withdrawal rule would not take effect as proposed by the Bureau.
• Statutory trigger: The disapproval is authorized under the congressional disapproval process in 5 U.S.C. chapter 8 (the Congressional Review Act’s disapproval procedure).

Affected Entities and Provisions

• Bureau of Consumer Financial Protection (CFPB): The agency that issued the withdrawal rule related to Regulation F and Pay-to-Pay Fees; under this resolution, its action to withdraw that rule would be disapproved.
• Regulated entities and consumers:
  • Debt collectors subject to Regulation F (Regulation F governs debt collection practices and credit codes of conduct).
  • Financial institutions and debt collectors who would be impacted by how Pay-to-Pay Fees are treated under debt collection practices.
  • Consumers who interact with debt collectors, particularly regarding the acceptability and disclosure of pay-to-pay fees in debt collection scenarios.

Procedural and Timeline Aspects

• Introduction and sponsorship: Introduced in the Senate on March 17, 2026 by Senator Angela Alsobrooks (with a co-sponsor noted as Angela Alsobrooks; the text lists Alsobrooks as sponsor and co-sponsor).
• Committee action: Referred to the Senate Committee on Banking, Housing, and Urban Affairs. The committee discharged by petition on April 27, 2026, allowing the bill to proceed to the full Senate.
• Senate actions:
  • Placed on the Senate Legislative Calendar under General Orders (Calendar No. 381) on April 27, 2026.
  • Star Print ordered on the reported joint resolution on April 29, 2026.
• Legislative effect date: The bill would become law upon enactment (i.e., passing both houses and being signed by the President), resulting in the regulatory disapproval under the Congressional Review Act for the specified rule withdrawal.

Potential Impact

• Regulatory certainty: The resolution would prevent the Bureau’s withdrawal from taking effect, thereby maintaining the status quo of Regulation F’s application unless further regulatory action is taken.
• Stakeholder impact:
  • Debt collectors and financial service providers: They would continue to operate under the current scope of Regulation F as it relates to debt collection practices and any existing guidance on pay-to-pay fees, unless Congress or the Bureau takes new action.
  • Consumers: Could avoid changes that would have come with the withdrawal, such as potential limitations or clarifications tied to pay-to-pay fee rules and disclosures.

Bottom Line

SJRES 125 uses the Congressional Review Act disapproval mechanism to block the Bureau’s withdrawal of Regulation F’s rule on Pay-to-Pay Fees, ensuring the withdrawn rule does not take effect and maintaining the existing regulatory framework for debt collection practices until further legislative or regulatory action.