Congress restores bank account reopening rights for excluded consumers
H.J.Res. 173 — 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 2023-02: Reopening Deposit Accounts That Consumers Previously Closed". · Filed by Gregory Meeks (D-NY) · Introduced May 4, 2026 · Referred to committee
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What it does
This resolution blocks the CFPB's decision to withdraw a 2023 guidance circular that required banks to reopen deposit accounts consumers had previously closed. By disapproving the CFPB's withdrawal, Congress restores the requirement that banks must consider reopening closed accounts for consumers.
Why we flagged it
The bill uses the Congressional Review Act (CRA) disapproval mechanism to restore a consumer-protection guidance that the CFPB had withdrawn. It is a procedural tool aimed at reversing an agency action, not creating new law.
What the text implies
- Restoring Circular 2023-02 may increase compliance costs for banks, as they must now maintain processes to evaluate account-reopening requests and document reasons for denial.
- The restored circular does not mandate reopening; it requires banks to consider requests and provide reasons for refusal, creating a transparency and accountability mechanism.
The full analysis lists 4 implications of this text.
Who it affects
Consumers gain a concrete procedural right: banks must consider reopening accounts consumers previously closed, reducing barriers to financial access. The restored circular addresses account denial and exclusion, which disproportionately harm lower-income and underbanked populations.