Bill

HJRES 74

Disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Prohibition on Creditors and Consumer Reporting Agencies Concerning Medical Information (Regulation V)".

119th Congress Introduced by Andy Barr and 13 co-sponsors

HJRES 74 allows creditors to use medical information in credit decisions, potentially changing how consumers are evaluated for loans and impacting their access to credit.

Introduced in House

WeVote Research Nonpartisan

Bill Summary · HJRES 74

Summary of HJRES 74

Bill Overview

Bill Number: HJRES 74
Title: Disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Prohibition on Creditors and Consumer Reporting Agencies Concerning Medical Information (Regulation V)"
Status: Introduced in House
Introduced Date: March 06, 2025
Classification: Resolution

Purpose and Intent

HJRES 74 aims to disapprove a specific rule established by the Bureau of Consumer Financial Protection (BCFP) that prohibits creditors and consumer reporting agencies from using medical information in credit decisions. The resolution seeks to nullify this regulation, effectively allowing creditors and reporting agencies to consider medical information when assessing creditworthiness.

Key Provisions

Disapproval of Regulation V: The resolution explicitly states that the rule published in the Federal Register (90 Fed. Reg. 3276 on January 14, 2025) shall have no force or effect.
Impact on Credit Decisions: If passed, this resolution would enable creditors and consumer reporting agencies to factor in medical information when making lending decisions, potentially affecting how consumers are evaluated for credit.

Affected Parties

Creditors and Consumer Reporting Agencies: These entities would regain the ability to use medical information in their credit assessments.
Consumers: Individuals seeking credit may face different evaluations based on their medical history, which could impact their access to loans and credit products.

Legislative Actions

March 06, 2025: HJRES 74 was introduced in the House and referred to the House Committee on Financial Services for further consideration.

Related Legislation

HJRES 74 has a companion bill, SJRES 36, which addresses similar issues regarding the regulation of medical information in credit assessments.

Conclusion

HJRES 74 represents a significant legislative effort to alter the current regulatory landscape concerning the use of medical information in credit evaluations. If enacted, it could have substantial implications for both creditors and consumers in the financial marketplace.

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