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 "Fair Credit Reporting; File Disclosure".

Summary of SJRES 127 (119th Congress)

Purpose of the bill

• This joint resolution provides for congressional disapproval under the congressional disapproval process in chapter 8 of title 5, United States Code, of a rule issued by the Bureau of Consumer Financial Protection (BCFP) withdrawing a prior rule related to Fair Credit Reporting and File Disclosure.
• In effect, if enacted, Congress would nullify the BCFP’s rule withdrawal and reinstate or preserve the earlier rule to the extent possible, preventing the withdrawal from having force.

Key provisions and changes

• The resolution explicitly disapproves the Bureau of Consumer Financial Protection’s rule titled “Withdrawal of the rule relating to ‘Fair Credit Reporting; File Disclosure’.”
• Citations for the withdrawn rule:
  • Original withdrawal: 89 Federal Register 4167 (January 23, 2024)
  • Subsequent related action: 90 Federal Register 20084 (May 12, 2025)
• By disapproving the withdrawal, the rule “shall have no force or effect,” effectively blocking the Bureau’s attempt to remove or discontinue the previously established framework around File Disclosure for Fair Credit Reporting.
• The mechanism used is the congressional disapproval process under chapter 8 of title 5 U.S.C., through a joint resolution of disapproval that, if enacted, nullifies the agency action.

Who or what would be affected

• The primary affected entity is the Bureau of Consumer Financial Protection (BCFP) and its regulatory actions concerning Fair Credit Reporting and File Disclosure.
• Credit reporting practices and consumer access to file disclosure information could be impacted, insofar as the withdrawal of protections or requirements would be reversed or prevented.
• Financial institutions, consumer reporting agencies, lenders, and consumers could experience changes in the regulatory landscape governing file disclosure related to credit reporting.

Procedural and timeline aspects

• Introduction: March 17, 2026, by Senator Jim (Mr.) [KIM].
• Committee action: Referred to the Committee on Banking, Housing, and Urban Affairs.
• Committee discharge: April 27, 2026, by petition under 5 U.S.C. 802(c), and placed on the Senate Legislative Calendar (Calendar No. 383).
• Consideration: As of the latest action, the measure was on the Senate calendar. A motion to proceed to consideration was rejected by voice vote on May 13, 2026, indicating that the bill did not advance to floor consideration at that time.
• Effect if enacted: The rule withdrawing the Fair Credit Reporting; File Disclosure rule would be nullified and have no force or effect, maintaining the status quo prior to the withdrawal.

Practical implications

• If enacted, the congressional disapproval would prevent the Bureau from withdrawing the existing rule related to Fair Credit Reporting and File Disclosure, thereby preserving the protections or obligations in place under the original rule.
• It represents a check on the executive regulatory action, ensuring that a withdrawal of a rule cannot take effect without congressional approval.

Note: The summary reflects the text and action history provided, including the specific Federal Register references cited in the bill.