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 "Bulletin 2012-04: Lending discrimination (April 18, 2012)".
Summary
S.J. Res. 157 is a congressional disapproval resolution introduced under the Congressional Review Act. It would overturn a Consumer Financial Protection Bureau rule that withdrew Bulletin 2012-04, a 2012 guidance document concerning lending discrimination. If enacted, the resolution would nullify the CFPB’s withdrawal rule and leave that withdrawal without legal force or effect.
The practical effect of the resolution is to preserve the earlier anti-discrimination lending bulletin rather than allow its withdrawal to stand. The bill does not itself create new lending standards, but it would affect how federal consumer-finance guidance on discriminatory lending practices is treated, with potential implications for lenders, borrowers, and CFPB enforcement or supervisory policy.
Impact
If enacted, the resolution would invalidate the CFPB rule withdrawing Bulletin 2012-04 under chapter 8 of title 5, the Congressional Review Act. That would affect federal administrative law by blocking the agency’s withdrawal action and preserving the prior bulletin on lending discrimination as operative guidance. The measure would primarily affect the Bureau of Consumer Financial Protection, financial institutions subject to federal fair-lending oversight, and consumers who may be protected by anti-discrimination lending guidance.
Sentiment
Based on the bill text and available context, the resolution appears to be framed as a pro-enforcement, anti-discrimination measure aimed at keeping federal fair-lending guidance in place. No committee debate or recorded votes were provided, so there is no direct evidence of broader support or opposition in the available materials. The introduction by Senator Welch suggests concern about weakening protections against lending discrimination.
Contention
The main point of contention is likely whether the CFPB should be allowed to withdraw Bulletin 2012-04 or whether Congress should intervene to preserve it. Supporters would likely argue that maintaining the bulletin helps deter discriminatory lending and provides needed guidance to regulators and lenders, while opponents may view the bulletin as unnecessary, duplicative, or an overreach of agency guidance. The dispute centers on the scope of CFPB authority and the role of Congress in overriding agency rulemaking under the Congressional Review Act.