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 "Truth in Lending (Regulation Z); Consumer Credit Offered to Borrowers in Advance of Expected Receipt of Compensation for Work".
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Summary
This joint resolution uses the Congressional Review Act to disapprove the Bureau of Consumer Financial Protection's decision to withdraw a rule regulating payday loans and similar credit products offered to borrowers in advance of expected compensation. If passed, the resolution would prevent the CFPB's withdrawal from taking effect, effectively reinstating the consumer protection rule. The underlying rule, known as Regulation Z, established disclosure and underwriting requirements for short-term credit products.
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