US Federal Senate Bill SJR143

US Federal 2025-2026 Regular Session

• Introduced: 3/25/26
• Refer: 3/25/26

Caption

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

Impact

If enacted, SJR143 would repeal the CFPB's withdrawal of the consumer protection circular that facilitated the reopening of closed deposit accounts, a move that proponents argue is necessary to safeguard consumer rights and financial inclusion. The resolution is positioned to ensure that consumers can reclaim access to their funds, potentially affecting how banks handle closed accounts and any associated fees or barriers that may prevent consumers from reopening these accounts. This could lead to broader implications for consumer banking practices and financial service regulations.

Summary

SJR143 is a joint resolution introduced in the Senate, aimed at disapproving a rule by the Bureau of Consumer Financial Protection (CFPB) that pertains to the withdrawal of a previously established regulation regarding the reopening of deposit accounts that consumers had previously closed. The resolution articulates Congress's opposition to CFPB's action, effectively negating the rule that sought to reinstate consumers' access to funds in closed accounts. This resolution underscores the legislative body's authority to oversee and disapprove regulatory actions taken by federal agencies under its purview.

Contention

Debate surrounding SJR143 is likely to center on the balance of power between congressionally mandated oversight and the CFPB's autonomy as a regulatory body. Supporters of the resolution may argue that it reinforces consumer protections and accountability within financial institutions, while critics might contend that it oversteps legislative bounds by interfering in the CFPB's administrative functions. Furthermore, the resolution highlights a growing tension between consumer advocates who prioritize consumer rights and financial institutions who may view such regulations as overly restrictive.