Congress moves to restore remittance-fraud protections CFPB withdrew
H.J.Res. 175 — 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 2024-02: Deceptive Marketing Practices About the Speed or Cost of Sending a Remittance Transfer". · Filed by Ritchie Torres (D-NY) · Introduced May 4, 2026 · Referred to committee
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What it does
This resolution disapproves a CFPB action that withdrew consumer protections against deceptive marketing in remittance transfers. By voiding that withdrawal, the resolution restores the 2024 consumer protection rule, preventing money-transfer companies from misleading customers about speed or cost of sending money abroad.
Why we flagged it
This is a Congressional Review Act (CRA) disapproval resolution that uses the standard procedural mechanism to block a regulatory withdrawal. Its sole function is to restore a consumer-protection rule that the CFPB had rescinded.
What the text implies
- If enacted, this resolution would override the CFPB's May 2025 decision to withdraw the rule, potentially triggering internal conflict within the agency or prompting the CFPB to seek alternative regulatory pathways.
- The resolution targets a specific 2024 circular on remittance deception; if the CFPB had already begun implementing the withdrawal, restoration may require operational reversal and re-notification to remittance providers.
The full analysis lists 3 implications of this text.
Who it affects
Ordinary people who send remittances—often lower-income workers sending money to family abroad—regain legal protection against false claims about transfer speed or cost. The restored rule prevents deceptive marketing that exploits information asymmetry in a market where consumers have limited alternatives.