Bills · SJRES 154
IN COMMITTEE· 119TH CONGRESS
Senate Joint Res.SJRES 154Consumer Financial Protection BureauConsumer credit
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 the withdrawal of the rule relating to "Equal Credit Opportunity (Regulation B); Revocations or Unfavorable Changes to the Terms of Existing Credit Arrangements".
This bill cancels a recent agency decision, ensuring that lenders must still tell customers the specific reasons why their existing credit accounts were closed or their limits were reduced.AI-written
INTRO MAR 26· LAST ACTION MAY 13
READING
2MIN
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READER REACTIONS0 TOTAL
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- Introduced only
tl;dr
AI-writtenForces banks to continue providing clear, written explanations to customers whenever they cancel a credit card or lower a credit limit, overturning a recent attempt to relax these notification rules.
LEGISLATIVE PROGRESS
STEP 2 / 8Introduced
In Committee
Reported
Passed Senate
Passed House
Conference
To President
Became Law
WHAT THE BILL DOES
AI-writtenVoters should care because credit limits and account access are vital for financial stability and emergency situations. If a bank can lower your credit limit without explaining why, it can hurt your credit score and your ability to pay for things without you knowing what went wrong.
If this bill becomes law, it protects the 'right to know' for consumers, making the banking system more transparent and preventing potential discrimination that could be hidden by vague explanations. If it doesn't pass, lenders will have more leeway to change your credit terms behind the scenes with less accountability to you.
KEY PROVISIONS
3AI-extractedPROVISION 01
Disapproves the CFPB rule from May 12, 2025
This uses the Congressional Review Act to effectively delete a recent agency decision as if it never happened.
PROVISION 02
Restores the requirement for explanations on existing accounts
It ensures that the Equal Credit Opportunity Act's transparency rules apply to people who already have credit, not just those applying for the first time.
PROVISION 03
Prevents the CFPB from issuing a 'substantially similar' rule in the future
Under the law, once a rule is disapproved this way, the agency cannot try to do the same thing again without a new law from Congress.
SPONSORSHIP
1 + 0
D· New Jersey
YRS IN OFFICE
12
BILLS LED
120
ACTION TIMELINE
7 EVENTSMAY 13
Motion to proceed to consideration of measure rejected in Senate by Voice Vote. (consideration: CR S2270)
APR 27
Senate Committee on Banking, Housing, and Urban Affairs discharged, by petition, pursuant to 5 U.S.C. 802(c).
APR 27
Placed on Senate Legislative Calendar under General Orders. Calendar No. 398.
MAR 26
Introduced in Senate
BILL INFO
TypeSenate Joint Resolution
NumberSJRES 154
Congress119th
StatusIn Committee
IntroducedMar 26, 2026
Last actionMay 13, 2026
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IN COMMITTEE· 119TH CONGRESS · BANKING, HOUSING, AND URBAN AFFAIRS COMMITTEE · INTRODUCED MAR 26, 2026
Senate Joint Res.SJRES 154Consumer Financial Protection BureauConsumer credit
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 the withdrawal of the rule relating to "Equal Credit Opportunity (Regulation B); Revocations or Unfavorable Changes to the Terms of Existing Credit Arrangements".
This bill cancels a recent agency decision, ensuring that lenders must still tell customers the specific reasons why their existing credit accounts were closed or their limits were reduced.AI-written
INTRODUCED MAR 26, 2026· LAST ACTION MAY 13, 2026
PASSAGE CHANCES
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