hold on there's just too much going on in Congress lmao...
Reverses federal agency's decision to remove guidance on reopening bank accounts.
Senator Whitehouse (D-RI)
In committee, no Senate vote yet
This bill, introduced by Senator Whitehouse, seeks to disapprove a recent decision by the Bureau of Consumer Financial Protection (CFPB). The CFPB had issued a rule to withdraw its previous guidance (Circular 2023-02) concerning the reopening of deposit accounts. If this joint resolution passes, it would nullify the CFPB's withdrawal rule, meaning the original guidance would remain in effect. It was introduced and referred to the Senate Committee on Banking, Housing, and Urban Affairs, where it awaits further action.
Introduced Mar 25, 2026
The bill was introduced in the Senate on March 25, 2026, and immediately referred to the Committee on Banking, Housing, and Urban Affairs. For it to become law, the committee must first approve it, then it needs to pass a vote in the full Senate. After that, it would move to the House of Representatives for a similar process. If passed by both chambers, it would then be sent to the President to be signed into law or vetoed.
If this bill becomes law, the Bureau of Consumer Financial Protection's decision to withdraw its 'Circular 2023-02' would be reversed. This means financial institutions would continue to operate under existing federal guidance regarding the process of reopening deposit accounts that consumers had previously closed. Consequently, the specific policies and procedures outlined in Circular 2023-02, which address how banks should handle these situations, would remain in effect for consumers nationwide.
Supporters Say
Supporters argue this bill protects consumers by ensuring federal guidance on bank account access remains in place.
Critics Say
Critics may contend the federal agency has the authority to manage its own rules and withdraw guidance as it sees fit.
Those in favor of this bill likely believe that Circular 2023-02 provides important clarity or protections for consumers regarding their ability to manage bank accounts and that the CFPB's decision to withdraw it was detrimental. Opponents, on the other hand, might argue that the CFPB, as the primary financial regulator, should have the discretion to update or remove its own guidance without congressional interference, perhaps seeing the original circular as unnecessary or burdensome for financial institutions.