hold on there's just too much going on in Congress lmao...
Disapproves a rule affecting state power over credit reporting laws.
Ms. Waters (Sponsor)
Introduced, in House committee
This Joint Resolution aims to block a rule from the Bureau of Consumer Financial Protection (CFPB). That CFPB rule had withdrawn an earlier rule about how federal credit reporting laws limit state laws. By disapproving the withdrawal, this resolution would effectively reinstate the older rule, giving states more authority over credit reporting. The bill was introduced by Ms. Waters and has been sent to the Committee on Financial Services for review.
Introduced Apr 30, 2026
This bill was introduced in the House of Representatives on April 30, 2026. It has been referred to the House Committee on Financial Services. For it to become law, it must pass both the House and the Senate, and then be signed by the President.
If this bill passes, it means that the federal Fair Credit Reporting Act (FCRA) would continue to have only 'limited preemption' over state laws. This outcome would empower states to enact their own consumer protection laws regarding credit reporting, potentially offering different or additional safeguards than federal law. Conversely, if this bill does not pass, federal law might exert more control, limiting states' ability to pass their own credit reporting regulations.
Supporters Say
Supporters believe this bill protects states' ability to create stronger local credit reporting protections for consumers.
Critics Say
Critics might argue for national uniformity in credit reporting standards, believing varied state laws could complicate compliance for businesses.
Those in favor would likely argue that states are better equipped to understand and respond to the specific credit reporting needs and concerns of their residents. Opponents, on the other hand, might suggest that a patchwork of state laws could create confusion for both consumers and credit reporting agencies, preferring a consistent federal standard.