This joint resolution disapproves the Bureau of Consumer Financial Protection’s withdrawal of the rule concerning consumer information requests to large banks and credit unions, effectively nullifying that withdrawal.
Elizabeth Warren
Senator
MA
This joint resolution exercises congressional authority to disapprove a Bureau of Consumer Financial Protection rule that sought to withdraw requirements for large banks and credit unions regarding consumer information requests. By nullifying this withdrawal, the resolution ensures the original consumer information request rule remains in effect.
Congress Moves to Restore Your Right to Bank Data: Resolution Blocks CFPB Rollback on Information Access
This joint resolution uses the Congressional Review Act to stop a specific Bureau of Consumer Financial Protection (CFPB) rule that was set to pull back on your rights to get information from your bank. Essentially, the CFPB had moved to withdraw a rule that required large banks and credit unions to respond to consumer information requests. By passing this resolution, Congress is saying "no thanks" to that withdrawal, effectively keeping the original requirements in place. If this goes through, large financial institutions will still be legally obligated to hand over the data and account details you ask for, rather than being let off the hook.
Keeping the Paper Trail Open
Think about the last time you tried to track down an old statement or needed a specific breakdown of fees from a bank where you hold an account. Under the rules this resolution protects, large banks and credit unions—those with significant assets—can't just ignore those requests or make them unnecessarily difficult. For example, if you are an office worker trying to reconcile your records for a mortgage application or a trade worker checking for errors in automated billing, this resolution ensures the bank remains responsive. By blocking the CFPB’s attempt to withdraw these requirements (specifically those found in 88 Fed. Reg. 71279), the law keeps the burden of transparency on the institutions rather than the customers.
Who Wins and Who Pays the Tab
The clear winners here are everyday banking customers and small business owners who need reliable access to their own financial history to manage their lives. It’s about accountability; it prevents a situation where a massive credit union could decide that answering your detailed questions is too much of an administrative headache and simply stop doing it. On the flip side, the groups feeling the squeeze are the large banks and credit unions. They will have to maintain the staff and digital infrastructure necessary to process these information requests, which is a cost they were likely hoping to shed when the CFPB originally proposed the withdrawal rule.
The Regulatory Tug-of-War
This isn't just a minor tweak; it’s a high-level use of legislative power to keep a consumer protection