Bill Summary
This joint resolution expresses Congress's disapproval of a rule proposed by the Bureau of Consumer Financial Protection (BCFP) that seeks to withdraw a previous guideline related to deceptive marketing practices concerning remittance transfers. Specifically, the original guideline, known as "Consumer Financial Protection Circular 2024-02," aimed to address misleading representations about the speed or cost associated with sending money internationally. By passing this resolution, Congress intends to ensure that the original rule remains in effect, thereby maintaining protections against deceptive marketing in the remittance transfer industry. The resolution cites the relevant statutory authority under the Administrative Procedure Act, which allows Congress to disapprove of certain regulatory actions.
Possible Impacts
Here are three examples of how the legislation described in the joint resolution could affect people:
1. **Consumer Protection**: By disapproving the withdrawal of the rule related to deceptive marketing practices for remittance transfers, the legislation helps ensure that consumers are protected from misleading information regarding the speed or cost of sending money abroad. This means individuals sending remittances will have clearer and more accurate information, which can lead to better financial decisions and reduced costs.
2. **Financial Literacy and Awareness**: The rule's preservation promotes greater transparency in the financial services industry, which can enhance consumer education regarding remittances. People may become more aware of their rights and the true costs associated with remittance services, fostering a more informed consumer base that can better navigate financial products.
3. **Impact on Financial Institutions**: The continued enforcement of the rule might impose stricter regulations on financial institutions that offer remittance services. As a result, these institutions may need to invest in compliance measures to avoid penalties, which could lead to increased operational costs. In turn, they might pass these costs on to consumers, potentially affecting the fees they charge for remittance services.
[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S.J. Res. 131 Introduced in Senate (IS)]
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119th CONGRESS
2d Session
S. J. RES. 131
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''.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
March 18, 2026
Mr. Gallego introduced the following joint resolution; which was read
twice and referred to the Committee on Banking, Housing, and Urban
Affairs
_______________________________________________________________________
JOINT RESOLUTION
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''.
Resolved by the Senate and House of Representatives of the United
States of America in Congress assembled, That Congress disapproves 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 (89 Fed. Reg. 27357
(April 17, 2024))'' (90 Fed. Reg. 20084 (May 12, 2025)), and such rule
shall have no force or effect.
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