119-SJRES-143 Journalist Public Summary

Public Summary: S.J.Res. 143 (119th Congress)

Headline Summary: A Senate resolution seeks to nullify the CFPB’s 2025 withdrawal of guidance—including a 2023 circular warning banks against reopening accounts consumers had closed—effectively aiming to restore that guidance. (govinfo.gov)

What It Does: S.J.Res. 143 uses the Congressional Review Act (CRA) to disapprove the CFPB’s May 12, 2025 rule that withdrew dozens of guidance documents; among them was the 2023 circular stating that unilaterally reopening a customer’s closed deposit account can be an unfair practice. Disapproval would stop the withdrawal from having legal effect; under CRA practice, nullifying a repeal/withdrawal often restores the prior status quo. (govinfo.gov)

Why It Matters: Without the 2023 guidance, banks have less federal direction on whether reopening a closed account to process debits or deposits could be considered unfair; the circular highlighted risks like surprise fees and unauthorized charges for consumers. Reinstating that guidance could strengthen consumer protections and clarify expectations for banks. (consumerfinance.gov)

• Who’s For It: Sponsor Sen. Sheldon Whitehouse (D‑RI).
• Consumer advocates criticized the 2025 mass withdrawal and argue the underlying consumer‑protection laws still apply—signaling likely support for restoring prior guidance. (nclc.org)

• Who’s Against It: Industry‑aligned analyses praised or welcomed the CFPB’s rollback as reducing compliance burdens and questioned some prior guidance—indicating likely opposition to a resolution that would undo the withdrawal. (consumerfinancemonitor.com)

What’s Next: The resolution was introduced on March 25, 2026 and referred to the Senate Banking, Housing, and Urban Affairs Committee. To take effect under the CRA, it must pass both chambers and be signed by the President (or enacted over a veto). (gao.gov)