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 2024-04: Whistleblower Protections Under CFPA Section 1057".

Summary of SJRES 135 (119th Congress)

Purpose

SJRES 135 is a joint resolution intended to disapprove a rule issued by the Bureau of Consumer Financial Protection (CFPB) under the framework provided by the Congressional Review Act (CRA), specifically under chapter 8 of title 5, United States Code. The rule being targeted concerns the withdrawal of CFPB’s Consumer Financial Protection Circular 2024-04, which deals with whistleblower protections under CFPA section 1057. If enacted, the resolution would nullify the CFPB’s withdrawal rule, effectively blocking or reversing the agency’s action to withdraw the circular.

Key Provisions

• Disapproval mechanism: The joint resolution uses the CRA process to disapprove a federal agency rule or regulatory action. If enacted, it would prevent the CFPB withdrawal from taking effect and preserve the previously issued policy or status quo as of the rule’s original effect (depending on current regulatory context).
• Scope of the action: Targets the CFPB rule concerning the withdrawal of Consumer Financial Protection Circular 2024-04, which addresses whistleblower protections under CFPA Section 1057.
• Legislative effect: Upon enactment, the rule withdrawal would be considered nullified or reversed, meaning the CFPB would likely remain bound by the withdrawn circular’s protections or return to the policy framework in place prior to the withdrawal.

Who/What Would Be Affected

• Federal agency: CFPB would be constrained from implementing the withdrawal of Circular 2024-04.
• Whistleblower protections: The policy framework established by Circular 2024-04 (if not otherwise superseded by later action) would remain in effect, maintaining protections under CFPA Section 1057 for whistleblowers involved with CFPB-related matters.
• Regulated entities and stakeholders: Financial institutions and individuals subject to CFPB enforcement and whistleblower programs could see continued protections and procedures outlined in the circular.

Procedural and Timeline Aspects

• Introduction and referral: Introduced in the Senate on March 19, 2026, and referred to the Committee on Banking, Housing, and Urban Affairs.
• Committee action: The Committee was discharged by petition on April 27, 2026, under 5 U.S.C. 802(c), allowing the bill to proceed to the Senate floor.
• Floor consideration: The bill was placed on the Senate Legislative Calendar on April 27, 2026 (Calendar No. 391).
• Recent action: On May 13, 2026, a motion to proceed to consideration of the measure was rejected by the Senate via voice vote, effectively stalling advancement of the bill at that time.
• Sponsorship: Main sponsor is a Republican-led chamber with a co-sponsor listed as Senator Mark Warner (Democrat), indicating cross-chamber support or bipartisan interest.

Practical Considerations

• Political dynamics: As a CRA disapproval measure, passage requires affirmative votes in both chambers and presentation to the President for signature or potential veto override. Given the recent procedural setback (motion to proceed rejected), passage would require renewed legislative effort and votes, along with potential negotiation on related regulatory policy.
• Policy implications: If enacted, the resolution would remove the CFPB's ability to withdraw Circular 2024-04, thereby maintaining or reinstating whistleblower protections as framed by the circular. The exact protections and procedures would depend on the text of Circular 2024-04 and any subsequent related actions by the CFPB or Congress.

Bottom Line

SJRES 135 seeks to block the CFPB’s withdrawal of Whistleblower Protections Circular 2024-04 under the CRA, preserving the existing whistleblower protections framework for CFPB-related matters. The bill has undergone committee discharge and floor scheduling steps but faced a procedural setback in May 2026, indicating it has not yet cleared the Senate.