A 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 "Truth in Lending (Regulation Z); Consumer Credit Offered to Borrowers in Advance of Expected Receipt of Compensation for Work".
USA119th CongressSJRES-156| Senate
| Updated: 4/27/2026
Jeff Merkley
Democratic Senator
Oregon
Banking, Housing, and Urban Affairs Committee
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted
This joint resolution seeks to nullify a specific rule issued by the Bureau of Consumer Financial Protection (BCFP) through the Congressional Review Act. The BCFP's rule, published in May 2025, aimed to withdraw an earlier regulation concerning consumer credit. The original regulation, under Truth in Lending (Regulation Z) , addressed credit products offered to borrowers in anticipation of their future earnings, often associated with payday loans. By disapproving the BCFP's withdrawal rule, Congress intends to prevent the removal of the original regulatory framework for these advance-on-compensation credit offerings. If enacted, this resolution would ensure the BCFP's withdrawal rule has no legal force or effect, effectively keeping the prior regulation in place.
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Timeline
Introduced in Senate
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Placed on Senate Legislative Calendar under General Orders. Calendar No. 400.
Senate Committee on Banking, Housing, and Urban Affairs discharged, by petition, pursuant to 5 U.S.C. 802(c).
Finance and Financial Sector
A 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 "Truth in Lending (Regulation Z); Consumer Credit Offered to Borrowers in Advance of Expected Receipt of Compensation for Work".
USA119th CongressSJRES-156| Senate
| Updated: 4/27/2026
This joint resolution seeks to nullify a specific rule issued by the Bureau of Consumer Financial Protection (BCFP) through the Congressional Review Act. The BCFP's rule, published in May 2025, aimed to withdraw an earlier regulation concerning consumer credit. The original regulation, under Truth in Lending (Regulation Z) , addressed credit products offered to borrowers in anticipation of their future earnings, often associated with payday loans. By disapproving the BCFP's withdrawal rule, Congress intends to prevent the removal of the original regulatory framework for these advance-on-compensation credit offerings. If enacted, this resolution would ensure the BCFP's withdrawal rule has no legal force or effect, effectively keeping the prior regulation in place.
Suggested Questions
Get AI-generated questions to help you understand this bill better
Timeline
Introduced in Senate
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Placed on Senate Legislative Calendar under General Orders. Calendar No. 400.
Senate Committee on Banking, Housing, and Urban Affairs discharged, by petition, pursuant to 5 U.S.C. 802(c).
Jeff Merkley
Democratic Senator
Oregon
Banking, Housing, and Urban Affairs Committee
Finance and Financial Sector
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted