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 2024-02: Deceptive Marketing Practices About the Speed or Cost of Sending a Remittance Transfer".

Summary of H.J.Res. 175 (119th Congress, 2nd Session)

Purpose

H.J.Res. 175 is a joint resolution that seeks to disapprove a Bureau of Consumer Financial Protection (BCFP) rule under the congressional disapproval process described in the Small Business Regulatory Enforcement Fairness Act (SBREFA) and related procedures codified at 5 U.S.C. chapter 8. The resolution specifically targets the BCFP’s withdrawal of the rule that was associated with Consumer Financial Protection Circular 2024-02, which concerned deceptive marketing practices about the speed or cost of sending a remittance transfer.

In short: Congress would block the BCFP’s withdrawal of that rule, with the effect of keeping the originally issued rule (or its implications) in force.

Key provisions and changes

• Disapproval mechanism: The resolution uses the congressional disapproval process under 5 U.S.C. chapter 8 to nullify the BCFP’s withdrawal of the rule.
• Rule in question: Consumer Financial Protection Circular 2024-02, titled “Deceptive Marketing Practices About the Speed or Cost of Sending a Remittance Transfer.”
  • The rule’s withdrawal is the target of disapproval.
  • The resolution cites federal register references: originally published as 89 Fed. Reg. 27357 (April 17, 2024) and later referenced as having no force or effect after withdrawal (e.g., 90 Fed. Reg. 20084 (May 12, 2025)).
• Effect if passed: If Congress disapproves the withdrawal, the rule would remain in effect (i.e., the withdrawal would be voided), and the regulatory status of the Circular 2024-02 remittance marketing protections could continue to apply as originally issued.

Who/what is affected

• The Bureau of Consumer Financial Protection: The agency’s rulemaking action on withdrawal would be disapproved, constraining its ability to withdraw the rule.
• Remittance service providers and marketers: If the rule remains in effect, they would continue to be subject to the standards and prohibitions associated with deceptive marketing practices related to remittance speed and cost.
• Consumers sending remittances: They would benefit from continued protections against deceptive marketing by remittance providers.

Procedural and timeline aspects

• Introduction: May 4, 2026, by Rep. Ritchie Torres (D-NY) with a co-sponsor.
• Referral: Committee on Financial Services.
• Legislative device: Joint resolution under the congressional disapproval process (SBREFA/5 U.S.C. chapter 8), which allows Congress to disapprove a federal agency action (specifically, the withdrawal of a rule) and nullify the agency’s withdrawal decision.
• No detailed effective date provided within the text of the resolution; the effect hinges on House and Senate passage and the president's signature (or potential veto/override processes, if applicable), in line with standard SBREFA disapproval procedures.

Notable details

• The bill explicitly names the rule as “Consumer Financial Protection Circular 2024–02: Deceptive Marketing Practices About the Speed or Cost of Sending a Remittance Transfer.”
• The federal register citations indicate the regulatory history: initial rulemaking publication (89 Fed. Reg. 27357, April 17, 2024) and the withdrawal (90 Fed. Reg. 20084, May 12, 2025).
• The action history shows the bill has been introduced and referred to the House Committee on Financial Services as of May 4, 2026.

If you’d like, I can add a brief table comparing the current status (withdrawal) vs. the outcome if the resolution passes, or provide context on how SBREFA disapproval generally operates and its typical timeline.