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 2023-02: Reopening Deposit Accounts That Consumers Previously Closed".

Summary of H.J.Res.173 (118th Congress, 2nd Session) — 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 2023-02: Reopening Deposit Accounts That Consumers Previously Closed”

Note: This summary reflects the text and context provided in the bill as introduced May 4, 2026.

Purpose and intent

• The joint resolution authorizes, under the congressional disapproval procedure (Chapter 8 of title 5, United States Code), disapproval of a specific rule submitted by the Bureau of Consumer Financial Protection (BCFP).
• Specifically, it targets the BCFP’s rule related to the withdrawal of the rule described as “Consumer Financial Protection Circular 2023–02: Reopening Deposit Accounts That Consumers Previously Closed.”
• The effect intended by the resolution is to nullify the referenced BCFP rule and ensure it has no force or effect.

Key provisions and changes proposed

• Congressional disapproval: The resolution establishes that Congress disapproves the BCFP rule concerning the withdrawal of the “Reopening Deposit Accounts That Consumers Previously Closed” circular.
• no force or effect: If enacted, the disapproval would render the cited rule void and of no legal effect.
• Scope of rule targeted: The provision explicitly references the rule published in the Federal Register as “May 12, 2025” (90 Fed. Reg. 20084) that corresponds to the withdrawal of the 2023 circular (88 Fed. Reg. 33545, May 24, 2023).

Who or what would be affected

• The primary impact would be on the Bureau of Consumer Financial Protection and any entities subject to the withdrawn rule (i.e., banks, credit unions, and other financial institutions regulated by the BCFP) by removing the authority or guidance associated with reopening previously closed deposit accounts as outlined in the 2023 circular withdrawal context.
• The policy area affected is consumer financial protection related to deposit-account practices.

Procedural and timeline aspects

• Mechanism: The bill uses the congressional disapproval process under chapter 8 of title 5, U.S.C., which allows Congress to disapprove a rule issued by an executive agency.
• Status: As of the introduced text, the bill has been referred to the House Committee on Financial Services. It has not yet advanced to the floor for a vote.
• Sponsor: Representative Gregory Meeks (with a co-sponsor, as listed).

Practical implications

• If passage occurs, the referenced BCFP rule withdrawal would be nullified, returning the regulatory status to whatever existed before the challenged rule took effect.
• It would limit or negate the specific approach the BCFP had issued regarding reopening deposit accounts that consumers previously closed, potentially affecting how financial institutions handle reopened accounts in line with the withdrawn circular.

If you’d like, I can provide a side-by-side comparison with the original 2023 circular and the 2025 withdrawal to illustrate the practical regulatory shifts.