Us Congress House Bill HJR201

Us Congress 2023-2024 Regular Session

• Introduced: 8/30/24
• Refer: 8/30/24

Caption

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".

Impact

If approved, HJR201 would inhibit the enforcement of the Bureau's registry, which was likely aimed at increasing transparency and accountability for nonbank financial entities. By disapproving this rule, Congress would be reshaping the regulatory landscape concerning oversight mechanisms for businesses that operate outside of traditional banking frameworks. This could have far-reaching implications for consumer protection and financial regulation, potentially limiting the Bureau's ability to safeguard consumers against risks associated with nonbank entities.

Summary

HJR201 is a joint resolution aimed at disapproving a rule submitted by the Bureau of Consumer Financial Protection regarding the 'Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders.' The resolution effectively nullifies the rule, stating it shall have no force or effect upon passage. This move is part of Congress's authority to disapprove regulations enacted by federal agencies, as outlined in chapter 8 of title 5 of the United States Code.

Contention

Notable points of contention surrounding HJR201 may include concerns about the adequacy of consumer protections. Proponents of the Bureau's rule argue that such registries are essential for monitoring nonbank financial entities and for ensuring they are held accountable to the same standards as traditional banks. Conversely, opponents may view the disapproval as a necessary check on what they perceive as overregulation, citing the need for a more business-friendly environment. This divergence of opinions reflects broader debates over government regulation in the financial sector.