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".

Summary of SJRES 131 (119th Congress)

Purpose

• A joint resolution providing for congressional disapproval under the Congressional Review Act (chapter 8 of title 5, United States Code) of a rule issued by the Bureau of Consumer Financial Protection (BCFP).
• Specifically targets the withdrawal of the rule associated with “Consumer Financial Protection Circular 2024–02: Deceptive Marketing Practices About the Speed or Cost of Sending a Remittance Transfer.”
• If enacted, the rule would have no force or effect.

What the bill would do

• Declare that Congress disapproves the BCFP rule concerning the withdrawal of the remittance transfer rule (as published in:
  • 89 Fed. Reg. 27357 (April 17, 2024)
  • and referenced: 90 Fed. Reg. 20084 (May 12, 2025)).
• The Joint Resolution, once enacted, nullifies the rule and ensures it has no legal effect.

Key provisions and changes

• Disapproval under the CRA: Uses the Congressional Review Act process to overturn the specified BCFP rule.
• No force or effect: The disapproval means the withdrawal rule would not be in force; there would be no regulatory effect from that withdrawn rule.
• Scope is limited to the rule referenced (the withdrawal of Consumer Financial Protection Circular 2024–02 as it relates to deceptive marketing about remittance speed/cost).

Who/what would be affected

• Affects regulatory framework relating to consumer financial protection, specifically the BCFP’s handling of the remittance transfer advertising burden.
• Banks, remittance providers, and other financial services/entities that could be subject to the withdrawn rule’s requirements or disclosures.
• Consumers considering remittance transfers, insofar as the rule’s withdrawal would impact disclosures or marketing practices (i.e., information about speed and cost).

Procedural and timeline aspects

• Introduction and status:
  • Introduced in the Senate by Senator Gallego (co-sponsor: Ruben Gallego).
  • Referred to the Senate Committee on Banking, Housing, and Urban Affairs; later discharged by petition.
  • Placed on the Senate Legislative Calendar (General Orders) as of April 27, 2026.
• Action history:
  • As of May 13, 2026, a motion to proceed to consideration of the measure was rejected by a Senate Voice Vote, effectively stalling further movement on the resolution in its current term.
  • The CRA process requires passage by both chambers and presidential signature to take effect; otherwise, the rule remains in effect or can be amended by subsequent legislative action.

Notable details

• The bill references specific Federal Register citations for the rule being disapproved:
  • 89 Fed. Reg. 27357 (April 17, 2024)
  • 90 Fed. Reg. 20084 (May 12, 2025)
• The bill is narrowly targeted to the withdrawal rule; it does not repeal the underlying circular or other BCFP authorities outside the specific withdrawal rule.

Bottom line

SJRES 131 seeks to use the Congressional Review Act to block the BCFP’s withdrawal of its circular on deceptive marketing practices related to remittance transfer speed and cost, effectively reinstating or preserving the withdrawn rule outcome by disapproval. As of the latest procedural update, the measure faced a motion to proceed rejection in the Senate, indicating it has not advanced to passage.