Bill Summary
The joint resolution is a legislative measure taken by both the Senate and the House of Representatives to disapprove a specific rule issued by the Bureau of Consumer Financial Protection (BCFP). This rule pertains to the withdrawal of a previously established guideline, identified as "Consumer Financial Protection Circular 2023-02," which addressed the issue of reopening deposit accounts that consumers had previously closed. By passing this resolution, Congress effectively nullifies the BCFP's decision to withdraw the guideline, ensuring that the original rule remains in effect. This action reflects Congress's authority to oversee and influence regulatory actions affecting consumer financial protections.
Possible Impacts
The legislation described in the joint resolution can have several implications for individuals and consumers. Here are three examples of how it could affect people:
1. **Access to Financial Services**: By disapproving the rule that allows the reopening of deposit accounts that consumers previously closed, individuals who might have wanted to reinstate their accounts (for reasons such as better financial management or improved services) may face barriers. This could limit their access to banking services and hinder their ability to manage their finances effectively.
2. **Impact on Creditworthiness**: Consumers who close bank accounts may do so due to poor financial circumstances. The inability to reopen these accounts could negatively impact their creditworthiness, as closed accounts can affect credit history and scores. Without the option to reactivate these accounts, individuals may find it more challenging to improve their financial standing or secure loans in the future.
3. **Consumer Protection**: The withdrawal of the rule may diminish consumer protections that were intended to help individuals transition back into banking after having closed accounts. This could leave consumers more vulnerable to predatory financial practices or fees associated with opening new accounts elsewhere, impacting their overall financial stability and security.
[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S.J. Res. 143 Introduced in Senate (IS)]
<DOC>
119th CONGRESS
2d Session
S. J. RES. 143
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''.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
March 25, 2026
Mr. Whitehouse 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 2023-02: Reopening Deposit
Accounts That Consumers Previously Closed''.
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 2023-02: Reopening Deposit Accounts That Consumers
Previously Closed (88 Fed. Reg. 33545 (May 24, 2023))'' (90 Fed. Reg.
20084 (May 12, 2025)), and such rule shall have no force or effect.
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