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; Name-Only Matching Procedures".

Summary of SJRES 140 (119th Congress)

Purpose

• This joint resolution provides a mechanism for congressional disapproval under the Congressional Review Act (Chapter 8 of title 5, United States Code) of a specific rule submitted by the Bureau of Consumer Financial Protection (BCFP, formerly CFPB).
• The rule in question withdraws the previously issued rule relating to “Fair Credit Reporting; Name-Only Matching Procedures.”

Key Provisions and Changes

• The resolution disapproves the BCFP rule titled the withdrawal of the rule relating to “Fair Credit Reporting; Name-Only Matching Procedures” published at 86 Federal Register 62468 (November 10, 2021) and associated Federal Register reference 90 Fed. Reg. 20084 (May 12, 2025).
• The effect of passage would be: the disapproved rule shall have no force or effect; the rule is deemed withdrawn or nullified, preserving the status quo prior to that rule’s effect for the named topic.

Affected Parties and Impacts

• Federal regulators: The BCFP would be constrained from implementing the withdrawal rule; the resolution seeks to revert or prevent the withdrawal from taking effect.
• Consumers and lenders: The policy area concerns fair credit reporting and name-only matching procedures. Reinstating or maintaining the status quo prior to the withdrawal may affect how consumer identity verification and name-matching procedures are applied in credit reporting and related risk assessments.
• Financial industry and credit reporting ecosystem: Entities relying on name-only matching procedures (for identity verification, credit reporting accuracy, or risk scoring) could be affected depending on whether the withdrawal is allowed to take effect or is nullified.

Procedural and Timeline Aspects

• Introduction and referrals:
  • Introduced in the Senate on March 19, 2026 (Senator Warnock as sponsor; co-sponsor noted).
  • Referred to the Committee on Banking, Housing, and Urban Affairs.
• Committee action:
  • April 27, 2026: Committee discharged by petition under 5 U.S.C. 802(c) and placed on the Senate Legislative Calendar (Calendar No. 392).
• Current status (as of the latest action):
  • May 13, 2026: Motion to proceed to consideration of the measure rejected in the Senate by voice vote, indicating the bill did not advance to further floor debate at that time.
  • The measure remains on the Senate Legislative Calendar pending further action.

Notable Details

• The resolution is explicit in specifying the exact rule it aims to disapprove: the withdrawal of the rule relating to “Fair Credit Reporting; Name-Only Matching Procedures,” with citations to the Federal Register entries.
• It follows the standard CRA process: congressional disapproval acts as a veto of the agency’s rule, with the effect of nullifying the rule.

Plain-Language Takeaway

SJRES 140 would veto the Bureau’s withdrawal of its own rule on name-only matching procedures in fair credit reporting, ensuring that the withdrawal does not take effect and the prior regulatory posture remains in place. The bill illustrates Congress exercising its CRA authority to block an agency change in the regulatory framework governing how consumer information is matched and used in credit reporting.