Congress moves to restore 23 consumer protections the CFPB quietly erased
H.R. 8777 — GUIDANCE Act of 2026 · Filed by Maxine Waters (D-CA) · Introduced May 13, 2026 · Referred to committee
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What it does
This bill nullifies 23 separate Trump-era CFPB actions that withdrew consumer protection guidance and rules — effectively restoring those protections. The withdrawn rules covered areas including fair credit reporting, medical debt collection, overdraft practices, whistleblower protections, lending discrimination, and protections for military servicemembers. By declaring those withdrawals to have 'no force or effect,' the bill reinstates the original consumer-protective guidance as if the withdrawals never happened.
Why we flagged it
The bill's sole operative mechanism is to void a batch of CFPB rule withdrawals, thereby reinstating consumer financial protections across credit reporting, debt collection, overdraft practices, and lending discrimination — making it a straightforward consumer protection restoration measure.
What the text implies
- The bill does not appropriate enforcement funds or direct the CFPB to actively enforce the restored guidance, so practical effect depends on whether the Bureau — whose leadership may be hostile — actually resumes enforcement activity.
- Restoring the Fair Credit Reporting Act preemption rule (item 1) could re-expand states' ability to enact stronger credit-reporting laws than federal minimums, with significant variation in consumer protections by state.
The full analysis lists 5 implications of this text.
Who stands to gain
consumer advocacy organizations; legal aid and plaintiff-side consumer law firms; state attorneys general with consumer protection mandates