US Federal Senate Bill SJR168

US Federal 2025-2026 Regular Session

• Introduced: 4/13/26
• Refer: 4/13/26

Caption

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 "Consumer Financial Protection Circular 2024-01: Preferencing and Steering Practices by Digital Intermediaries for Consumer Financial Products or Services".

Summary

S.J. Res. 168 is a congressional disapproval resolution under the Congressional Review Act. It would overturn a Consumer Financial Protection Bureau rule that withdrew CFPB Circular 2024-01, which addressed “preferencing and steering” practices by digital intermediaries that connect consumers to financial products or services. If enacted, the resolution would nullify the withdrawal rule and leave it without legal force or effect. The resolution is aimed at CFPB oversight of digital platforms, marketplaces, and other intermediaries that may steer consumers toward certain financial products, lenders, or service providers. The underlying policy issue is whether such intermediaries should be subject to consumer-protection scrutiny for ranking, recommending, or directing users in ways that could affect access to credit or other financial services.

Impact

The bill would not create a new regulatory regime, but would use the Congressional Review Act to invalidate a CFPB action withdrawing an earlier consumer-finance circular. Its practical effect would be to restore the withdrawn guidance or policy position associated with CFPB Circular 2024-01, preserving federal consumer-protection oversight of digital intermediaries and their preferencing or steering practices. The measure could affect fintech platforms, online marketplaces, lead generators, and other entities that route consumers to financial products or services, as well as the CFPB’s ability to interpret and enforce consumer-finance standards in this area.

Sentiment

Based on the bill text and available context, the measure appears to reflect a pro-enforcement, consumer-protection posture, with supporters likely viewing it as necessary to prevent digital intermediaries from unfairly steering consumers. The bill was introduced by Senator Warren and referred to the Senate Banking Committee, which is consistent with a consumer-finance oversight approach. No recorded votes or committee debate were provided, so there is no documented bipartisan or public opposition in the available materials.

Contention

The main point of contention is likely whether the CFPB should regulate digital intermediaries’ ranking and steering practices at all, and whether the agency’s withdrawn circular was an appropriate or overbroad interpretation of its authority. Supporters would emphasize consumer protection, transparency, and fair access to financial products, while opponents may argue that the CFPB is overreaching into platform design, recommendation algorithms, or business practices of digital marketplaces. The dispute centers on the balance between consumer protection and regulatory burden for fintech and online intermediaries.