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".

This bill was introduced in the Senate and initially referred to the Committee on Banking, Housing, and Urban Affairs. However, the committee was discharged by a petition, meaning the bill has bypassed committee review and is now on the Senate's calendar. It still needs a vote in the full Senate, then a vote in the House, and finally the President's signature to become law.

If this resolution passes, a recent federal rule from the Bureau of Consumer Financial Protection (BCFP) that addresses how federal law overrides state laws concerning credit reporting would be cancelled. This means states might have more power to create or enforce their own specific rules about how your credit information is handled. For individuals, this could lead to different levels of consumer protection or reporting practices depending on your state of residence.

This bill concerns a BCFP rule about federal preemption over state credit reporting laws. Those supporting this resolution likely believe that states should maintain or gain more authority to set their own consumer protections regarding credit. Opponents would probably argue for the importance of having a consistent national standard for credit reporting, citing potential complications if state laws vary widely.