119-HJRES-175 Journalist Public Summary
A House resolution would overturn the CFPB’s May 12, 2025 rule that withdrew earlier guidance warning money-transfer companies against deceptive claims about speed or “free” pricing—keeping that 2024 guidance in effect if the measure ultimately passes both chambers and becomes law. (consumerfinance.gov)
Public Summary: 119-HJRES-175
Headline Summary: Congress is considering canceling the CFPB’s 2025 withdrawal of a 2024 advisory that told remittance (international money transfer) companies not to mislead people about how fast or how cheap their transfers are. (consumerfinance.gov)
What It Does: This resolution uses the Congressional Review Act (CRA) to disapprove the Consumer Financial Protection Bureau’s May 12, 2025 rule that withdrew a prior CFPB circular. If enacted, the withdrawal would have no force or effect, meaning the 2024 circular on deceptive marketing of remittance speed and cost would remain in effect. The circular warns that advertising “free” transfers (when costs appear in exchange rates) or guaranteed delivery times that aren’t met can be deceptive under federal law. (govinfo.gov)
Why It Matters: Remittances are widely used by U.S. residents to support family abroad. The CFPB’s 2024 circular—formally submitted to Congress—aimed to curb misleading “free” or “instant” claims that can leave senders paying more or waiting longer than expected; undoing the 2025 withdrawal would preserve that consumer-protection guidance. (congress.gov)
- Who’s For It: The measure was introduced in the House on May 4, 2026, and referred to the Financial Services Committee the same day. Supporters say reinstating the guidance helps prevent misleading ads and preserves tools for federal and state enforcers. Consumer-law advocates highlighted the circular as useful for curbing deceptive practices. (library.nclc.org)
- Who’s For It (likely): Groups focused on consumer protection and transparency in financial services, as well as lawmakers who favor stricter policing of deceptive marketing in money transfers, may back keeping the 2024 guidance in place. (No formal coalition announced yet.)
- Who’s Against It: Industry attorneys and trade commentators previously flagged the circular as expansive—warning it could expose providers to liability even if they complied with existing remittance disclosure rules—so some financial institutions and remittance providers may oppose reversing the 2025 withdrawal. (consumerfinancemonitor.com)
- Who’s Against It (likely): Organizations that supported the CFPB’s 2025 rollback of guidance as a way to limit reliance on sub-regulatory documents could resist this resolution. (Public positions on this specific bill have not yet been announced.) (advocacy.sba.gov)
What’s Next: As of May 4, 2026, the resolution sits in the House Financial Services Committee. If it advances, CRA procedures allow a simple-majority vote in both chambers, with fast-track consideration in the Senate; it would then go to the President. (congress.gov)
Discussion