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SJRES 154

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 "Equal Credit Opportunity (Regulation B); Revocations or Unfavorable Changes to the Terms of Existing Credit Arrangements".

119th Congress Introduced by Cory Booker

Congressional resolution blocking CFPB's removal of credit protections that restricted creditors from arbitrarily revoking or worsening terms on existing accounts.

Motion to proceed to consideration of measure rejected in Senate by Voice Vote. (consideration: CR S2270)
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Bill Summary · SJRES 154

Legislative bill overview

This joint resolution invokes the Congressional Review Act (CRA) to disapprove of a CFPB rule that would withdraw consumer protections previously issued under the Equal Credit Opportunity Act (Regulation B). The disapproved rule specifically dealt with restrictions on creditors' ability to revoke or unfavorably modify existing credit terms without justification. If passed, it would invalidate the CFPB's withdrawal action and restore the protections.

Why is this important

This represents a direct congressional challenge to a regulatory rollback affecting consumer credit rights. The underlying issue concerns whether creditors can arbitrarily close accounts or worsen loan terms for existing customers without regulatory constraints. The outcome affects millions of Americans with active credit accounts and sets a precedent for how aggressively Congress will oversee CFPB actions.

Potential points of contention

  • Regulatory intent debate: Disagreement over whether the CFPB's withdrawal was a reasonable deregulatory shift or an improper abandonment of consumer protections
  • Creditor flexibility vs. consumer protection: Industry argues withdrawal allows necessary risk management; consumer advocates argue it enables discrimination and unfair practices
  • CRA mechanics and precedent: Questions about whether disapprovals of rule withdrawals are appropriate uses of the CRA, which typically addresses new rules rather than reversals of old ones

Compiled from official sources — confirm details with the bill’s official record.

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