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 "Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders".
Latest Action
Referred to the House Committee on Financial Services.
Official Summary
Official summary has not been imported yet.
GovScope Watchdog™
AI Government Intelligence™This House Joint Resolution (HJRES 201) from the 118th Congress proposes congressional disapproval of a rule submitted by the Bureau of Consumer Financial Protection. The rule in question relates to the establishment of a "Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders." The resolution seeks to nullify this rule under chapter 8 of title 5, United States Code, which governs congressional review of federal regulations. The bill was referred to the House Committee on Financial Services but ultimately failed or expired without further action. No full bill text or official summary is available to provide additional detail on the specific provisions or implications of the rule or the resolution.
HJRES 201 aimed to disapprove a Bureau of Consumer Financial Protection rule concerning a registry of certain nonbank entities but did not advance beyond committee and expired.
- The resolution targets a rule by the Bureau of Consumer Financial Protection about a registry for nonbank covered persons subject to agency or court orders.
- It uses the Congressional Review Act process under chapter 8 of title 5, U.S. Code, to attempt disapproval of the rule.
- The bill was referred to the House Committee on Financial Services on August 30, 2024, but did not progress further and is listed as failed or expired.
['Nonbank covered persons potentially subject to the registry', 'Financial institutions and entities regulated by the Bureau of Consumer Financial Protection', 'Congressional members seeking to limit or overturn this specific regulatory action']
['Lack of detailed information on the rule limits understanding of the full scope and impact of disapproval.', 'Potential regulatory uncertainty for nonbank entities subject to the registry if the rule is disapproved.', 'The resolution’s failure to advance may leave the rule in place without congressional modification or oversight.']
The resolution was introduced in the House during the 118th Congress and referred to the House Committee on Financial Services. It reflects the use of the Congressional Review Act to challenge regulatory actions by the Bureau of Consumer Financial Protection. The bill did not advance beyond committee and is recorded as failed or expired as of September 7, 2024.
Hidden impact flags detected: 2
GovScope reviewed 2 policy-risk categories. Hover for a quick definition. Click detected flags for bill-specific details.
['If the resolution had passed, it could have set a precedent for congressional disapproval of similar regulatory rules affecting nonbank financial entities.', 'Failure to disapprove the rule may reinforce the Bureau of Consumer Financial Protection’s authority to maintain registries for oversight purposes.', 'Potential impacts on regulatory compliance costs and enforcement actions for nonbank covered persons depending on the registry’s operational status.']
The absence of a full bill text and official summary restricts comprehensive analysis and public understanding of the resolution’s specific provisions and potential impacts. Monitoring the use of the Congressional Review Act in this context is important for transparency about congressional oversight of financial regulatory rules. The resolution’s failure to advance highlights the challenges in overturning agency rules through this legislative mechanism.
GovScope Intelligence Roadmap
Future bill intelligence will connect sponsors, committee referrals, related votes, campaign finance, disclosures, and stock trades into one legislative intelligence view.