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 "Fair Credit Reporting; Name-Only Matching Procedures".

Legislative Summary: S.J.Res. 140

Overview

S.J.Res. 140 is a joint resolution introduced in the 119th Congress aimed at overturning a specific regulatory action taken by the Bureau of Consumer Financial Protection (CFPB). The resolution utilizes the Congressional Review Act (CRA) to disapprove of the CFPB's decision to withdraw a previous rule regarding "Name-Only Matching Procedures" in fair credit reporting.

Purpose and Intent

The primary intent of this resolution is to nullify the CFPB's withdrawal of a specific rule. In simpler terms, if this resolution passes, it would effectively "undo" the CFPB's action to remove the "Name-Only Matching Procedures" guidelines, thereby reinstating those procedures as active regulations.

Key Provisions

• Congressional Disapproval: The resolution formally expresses the disapproval of Congress regarding the rule submitted by the CFPB (specifically cited as 86 Fed Reg. 62468 and 90 Fed Reg. 20084).
• Voiding the Action: The bill specifies that the CFPB's rule to withdraw the matching procedures "shall have no force or effect."

Who is Affected?

• Consumer Reporting Agencies (CRAs): Credit bureaus and agencies that match consumer data to credit files would be impacted, as they would be required to adhere to the reinstated "Name-Only Matching" standards.
• Consumers: Individuals whose credit information is being processed may see a change in how their identities are verified and matched to their credit files.
• CFPB: The Bureau would be stripped of its authority to leave the previous rule withdrawn.

Impact and Context

In the context of credit reporting, "Name-Only Matching" refers to the process agencies use to ensure that information is attributed to the correct person when a full unique identifier (like a Social Security Number) is not available. By opposing the withdrawal of these procedures, Congress is seeking to maintain a specific regulatory standard for how these matches must be conducted to prevent errors in credit reporting.

Procedural Status

• Introduced: March 19, 2026
• Current Status: The resolution has been read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Because this is a joint resolution under the Congressional Review Act, it typically follows an expedited timeline and requires a simple majority in both chambers to pass before being sent to the President.