To restore certain guidance and rules of the Bureau of Consumer Financial Protection.

119th Congress Introduced by Maxine Waters

The bill aims to restore former Bureau of Consumer Financial Protection guidance and rules, reestablishing prior supervisory and enforcement standards.

Introduced in House

Summary of HR 8777 (119th Congress)

Purpose and intent

HR 8777, introduced in the House and referred to the House Committee on Financial Services, seeks to restore certain guidance and rules of the Bureau of Consumer Financial Protection (BCFP). The bill appears to aim at reinstating or reinstating previously repealed or revised guidance and regulatory standards that govern the operations of the Bureau and its supervision of consumer financial products and services. The sponsorship includes a co-sponsor from the House (Rep. Maxine Waters).

Key provisions and changes

Restore Guidance and Rules: The central objective is to bring back specific guidance and regulatory rules that the Bureau had in the past but that the bill proposes to restore. This could involve:

Reinstating prior supervisory policies, enforcement priorities, or interpretive guidance issued by the Bureau.
Reinstating internal procedures or guidelines related to consumer protections, disclosure requirements, or supervisory conduct.

Scope of restoration: While the exact text is not provided here, the bill likely targets guiding documents, rules, or interpretations that affect how the Bureau enforces consumer protection laws, how it issues no-action letters, guidance on debt collection, credit reporting, mortgage servicing, lending practices, and other consumer finance areas.

Who would be affected

The Bureau of Consumer Financial Protection: Subject to the restoration of guidelines and rules, potentially altering its enforcement posture, supervisory approaches, and interpretive guidance.

Financial institutions and service providers: Banks, nonbanks, lenders, mortgage servicers, debt collectors, and other entities regulated by the Bureau could experience changes in compliance expectations, reporting requirements, and examination procedures based on the restored guidance.

Consumers: Indirectly affected through potential changes in disclosure practices, protections, and enforcement actions that result from the restored guidance.

Procedural and timeline aspects

Introduction and referral: The bill was introduced in the House and referred to the Committee on Financial Services on May 13, 2026.

Legislative path: As a House bill, it would need approval by the House, passage by the Senate (and potential conference if there are differences with Senate-passed measures), and the President’s signature to become law.

Implementation timing: The bill does not specify immediate effective dates in the provided information; typically, if enacted, there would be an effective date or phased timeline for implementing any restored guidance.

Notes and context

The summary reflects the stated objective to restore certain BCFP guidance and rules. The precise items to be restored, their legal effect, and any accompanying amendments or transitional provisions would be detailed in the bill’s text and committee reports.

The bill’s emphasis on restoration suggests a shift away from any deregulatory or revisory changes the Bureau may have pursued in the interim, aiming to reestablish previously in-force guidance and standards.

If you would like, I can pull the full text and provide a more detailed itemized analysis of each provision, any proposed amendments, and the exact regulatory areas affected (e.g., specific acts or sections of the Dodd-Frank framework).