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 "Truth in Lending (Regulation Z); Consumer Protections for Home Sales Financed Under Contracts for Deed".

Bill at a glance

• Congressional designation: HJRES 162
• Session: 119
• Jurisdiction: United States
• Title: 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 "Truth in Lending (Regulation Z); Consumer Protections for Home Sales Financed Under Contracts for Deed".
• Status: Introduced and referred to the House Committee on Financial Services (as of 2026-04-30)
• Primary sponsor: Not specified in the provided information; co-sponsor listed: Emanuel Cleaver
• Purpose: To disapprove by joint resolution a Bureau of Consumer Financial Protection (BCFP) rule withdrawal related to Truth in Lending Act (Regulation Z) and consumer protections for home sales financed under contracts for deed, under the congressional disapproval process (58th in the chain of authority under the Bank’s general rulemaking disapproval regime).

Purpose and intent

• The bill uses the congressional disapproval mechanism (often referred to as the “joint resolution” procedure under chapter 8 of title 5 U.S.C.) to nullify or block a Bureau of Consumer Financial Protection rule.
• Specifically targets the BCFP rule that withdraws a prior rule related to Truth in Lending (Regulation Z) and consumer protections for home sales financed under contracts for deed.
• In practical terms, if enacted, the joint resolution would prevent or overturn the BCFP’s withdrawal action and reinstate or preserve the previously existing rule framework or protections, depending on the specific withdrawal action and the restoration language in the underlying rule being disapproved.

Key provisions and changes

• Mechanism: The bill would provide a congressional disapproval path to reject the BCFP’s withdrawal of a Regulation Z-related rule.
• Scope of disapproval: Applies to the specific BCFP withdrawal rule tied to Truth in Lending (Regulation Z) and consumer protections for home sales financed under contracts for deed.
• Legislative outcome: If the joint resolution passes both houses of Congress and is signed by the President, the BCFP withdrawal would be ineffective, effectively reinstating the withdrawn rule or preventing its withdrawal, depending on how the rule is phrased in the underlying regulatory text.
• Procedure: As with other disapproval resolutions, this would use the fast-track Joint Resolution procedure under 5 U.S.C. § 802, subject to congressional timelines for debate and passage.

Who/what would be affected

• Federal agency: Bureau of Consumer Financial Protection (BCFP)
• Regulatory regime: Truth in Lending Act (Regulation Z) provisions and consumer protections for home sales financed under contracts for deed
• Stakeholders likely affected include lenders and financiers that operate under Regulation Z, consumers purchasing homes via contracts for deed, and other market participants subject to Regulation Z’s disclosure and protection requirements.
• If enacted, the bill would constrain the BCFP’s ability to withdraw or modify the stated rule, thereby maintaining or reinstating the withdrawn rule’s protections.

Procedural and timeline aspects

• Referral: Referred to the House Committee on Financial Services (2026-04-30)
• Introduction: Introduced in the House (2026-04-30)
• Next steps (typical for this pathway): If advanced, the bill would need passage by both the House and Senate, followed by Presidential action (signing, veto, or pocket veto) to become law. The expedited nature of the disapproval procedure means Congress would act to overturn the agency rulemaking withdrawal on an accelerated timetable, subject to committee and floor consideration.
• Specific dates beyond the listed actions are not provided.

Potential impact and considerations

• Policy impact: Reinstating or preserving the BCFP withdrawal could limit regulatory protections for certain consumer-home financing arrangements and alter the regulatory landscape for Regulation Z and contracts for deed.
• Market impact: Lenders and servicers may face changes in compliance expectations and disclosure requirements depending on how the reinstated rule is framed.
• Oversight and accountability: The bill reinforces Congress’s use of the disapproval process to influence or reverse agency rulemaking.

Note: The summary is based on the bill’s title and the provided action history. For a complete understanding, one should review the full text of HJRES 162, its legislative language, and any associated committee reports or sponsor statements.