119-SJRES-127 Journalist Public Summary
Congress would overturn the CFPB’s May 12, 2025 withdrawal of its Jan. 23, 2024 “File Disclosure” advisory, which generally would restore that earlier guidance requiring credit and background-check agencies to give consumers fuller, plain‑English access to what’s in their files and where it came from. (govinfo.gov)
Public Summary: S.J.Res. 127 (119th Congress)
Headline Summary: A resolution to undo the CFPB’s 2025 rollback so the Bureau’s 2024 consumer‑disclosure guidance for credit and background reports goes back into effect (with usual CRA caveats). (govinfo.gov)
What It Does: S.J.Res. 127 would nullify the Consumer Financial Protection Bureau’s May 12, 2025 rule that withdrew many guidance documents—including the Jan. 23, 2024 advisory opinion clarifying that a simple consumer request (not magic words) triggers a right to see all information in one’s credit or screening file and the sources that supplied it. (govinfo.gov)
Why It Matters: Reinstating the 2024 advisory would strengthen consumers’ ability to find and fix errors in credit, tenant, and employment background reports, because agencies would need to disclose both what they might send to users (like landlords or employers) and the underlying data and sources. (govinfo.gov)
Who’s For It:
- Sponsor: Sen. Andy Kim (D–NJ); introduced March 17, 2026; referred to the Senate Banking, Housing, and Urban Affairs Committee.
- Consumer and tenant/worker advocates who supported the 2024 advisory’s approach, arguing it helps people correct inaccuracies and understand where data came from. (govinfo.gov)
Who’s Against It:
- Opponents of the 2024 advisory and backers of the 2025 withdrawal, who argue CFPB guidance imposed obligations without notice‑and‑comment, created compliance burdens, and duplicated other regulators’ roles—reasons the Bureau itself gave for pulling the guidance in 2025. (govinfo.gov)
What’s Next: As of March 17, 2026, the resolution has been read twice and sent to the Senate Banking Committee. To take effect under the Congressional Review Act, it must pass both chambers and be signed by the President (or garner two‑thirds majorities to override a veto); Senate fast‑track procedures apply. (congress.gov)
Discussion