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BILL • US SENATE
SJRES 155

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 "Fair Credit Reporting Act; Preemption of State Laws".

119th Congress
Introduced by Sheldon Whitehouse,

Disapproves CFPB rule that would preempt state credit‑reporting laws, preserving existing state consumer protections.

Introduced in Senate
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Bill Summary • SJRES 155

Summary of SJRES 155 – A Joint Resolution to Disapprove a CFPB Rule

(Introduced: March 26 2026)

1. Purpose and Intent

  • Goal:

    • Disapprove the Bureau of Consumer Financial Protection (CFPB) rule that would have amended the Fair Credit Reporting Act (FCRA) to preempt state laws.
    • By invoking Chapter 8, Title 5, U.S. Code, Congress can nullify a federal rule that has already been published in the Federal Register (Fed. Reg. 48710, Oct 28 2025).

  • Why it matters:

    • The CFPB rule would have eliminated many state‑level protections for consumers in credit‑reporting activities.
    • Dissatisfaction with the rule’s scope and potential regulatory overreach prompted the resolution.

2. Key Provisions / Actions

  • Single actionable sentence:

    text
    That Congress disapproves the rule submitted by the Bureau of Consumer Financial Protection relating to "Fair Credit Reporting Act; Preemption of State Laws" and thus the rule shall have no force or effect.

  • Procedural framework:

    • The resolution is a joint resolution, meaning it requires passage by both the Senate and the House to become operative.
    • If approved, the rule would be automatically nullified—no new law would be created, just the cancellation of the existing rule.

3. Stakeholders Affected

Entity Impact Details
Consumers Retain state‑level protections Credit reporting disputes, consumer rights, and privacy safeguards governed by state statutes remain in effect.
Credit Reporting Agencies & Consumer Credit Protections Must remain compliant with federal and state law, not the CFPB rule Agencies cannot rely on the rule’s expanded preemptive authority.
State Legislatures / Regulators Gained authority to enact or strengthen consumer‑credit laws Maintain jurisdiction over credit‑reporting industry within state borders.
CFPB Rule reevaluation required Must revisit rulemaking or face further congressional oversight.

4. Procedural / Timeline Notes

Date Action
March 26 2026 Introduced by Senator Sheldon Whitehouse; read twice in the Senate.
March 26 2026 Referred to the Committee on Banking, Housing, and Urban Affairs (CBHA) for consideration.
Future If passed in both chambers, the resolution instantly invalidates the CFPB rule (no roll‑in or sunset period).

5. Potential Impact

  • Consumer protection: Preserves the hierarchy of state consumer‑credit laws, which may be more stringent than federal rules in certain areas.
  • Regulatory landscape: Forces the CFPB to either revise or withdraw the contested rule, potentially clearing the path for a more balanced regulatory approach.
  • Law‑making precedent: Demonstrates Congress’ authority under Chapter 8 to counteract federal rulemaking that lacks congressional approval.

Bottom line:

SJRES 155 is a concise, targeted effort by Congress to block the CFPB’s attempt to override state laws under the Fair Credit Reporting Act, thereby safeguarding existing state consumer‑credit protections while compelling the CFPB to re‑evaluate its regulatory strategy.

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Key Provisions Impacts Timeline
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