hold on there's just too much going on in Congress lmao...
Cancels a federal credit reporting rule.
Sen. Sheldon Whitehouse (D-RI) introduced.
Introduced in Senate, no vote yet.
This bill aims to cancel a specific rule from the Bureau of Consumer Financial Protection (BCFP) regarding how federal law overrides state laws on credit reporting. If passed, this BCFP rule, issued in May 2025, would have no legal effect. Senator Sheldon Whitehouse (D-RI) introduced this measure, which is in the early stages of the Senate.
Introduced Mar 25, 2026
This bill has been introduced in the Senate and referred to the Committee on Banking, Housing, and Urban Affairs. For it to become law, it needs to pass both the Senate and the House, and then be signed by the President. Currently, no votes have been taken.
If this resolution becomes law, a specific federal rule from the Bureau of Consumer Financial Protection (BCFP) will be blocked. This means state laws related to credit reporting would continue to operate as they currently do, without the changes the BCFP's rule would have introduced. This could maintain existing state authority over credit reporting practices and protections for consumers.
Supporters Say
Those in favor likely want states to have more authority over credit reporting.
Critics Say
Opponents may seek national uniformity in credit reporting regulations.
Those in favor likely believe that states should retain authority to create or enforce their own credit reporting regulations without federal preemption. Opponents of this resolution might argue that the BCFP's rule provides necessary consistency across states for financial institutions and consumers.