US Federal House Bill HJR173

US Federal 2025-2026 Regular Session

• Introduced: 5/4/26
• Refer: 5/4/26

Caption

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 "Consumer Financial Protection Circular 2023-02: Reopening Deposit Accounts That Consumers Previously Closed".

Impact

Should HJR173 pass, it would effectively reinstate the prior regulation from the Bureau of Consumer Financial Protection, which was intended to provide guidelines on how financial institutions handle requests from consumers to reopen their closed deposit accounts. This could strengthen consumer rights and potentially increase access to financial services for those who might have closed accounts due to negative experiences, thereby enhancing consumer trust in banking institutions.

Summary

HJR173 is a joint resolution that provides for congressional disapproval of a rule submitted by the Bureau of Consumer Financial Protection. This rule pertains to the withdrawal of a previous regulation regarding the reopening of deposit accounts that consumers had previously closed. The resolution aims to nullify the Bureau's withdrawal of this rule, thereby reinstating the protections that were in place before the withdrawal occurred. The resolution reflects a continuing legislative focus on consumer financial protections, especially in regard to maintaining access to banking services for consumers who may have closed their deposit accounts for various reasons.

Contention

The main points of contention surrounding HJR173 revolve around the need for consumer protection in the financial sector versus the autonomy of regulatory agencies like the Bureau of Consumer Financial Protection. Proponents of the resolution argue that reinstating the original rule is critical for consumer rights and financial accessibility. Conversely, opponents may argue that such disapprovals undermine regulatory efforts that are meant to adjust to changing financial landscapes. The discussions could reveal a broader debate about the balance between consumer protection and regulatory flexibility in the financial industry.