Congress restores consumer right to reopen closed bank accounts
S.J.Res. 143 — 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 2023-02: Reopening Deposit Accounts That Consumers Previously Closed". · Filed by Sheldon Whitehouse (D-RI) · Introduced Mar 25, 2026 · Referred to committee
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What it does
This resolution blocks the CFPB's 2025 decision to withdraw a 2023 guidance document that required banks to reopen deposit accounts consumers had previously closed. By disapproving the CFPB's withdrawal, the resolution restores the original guidance, forcing banks to have policies allowing consumers to reopen closed accounts.
Why we flagged it
The bill uses a Congressional Review Act disapproval mechanism to undo a regulatory withdrawal, restoring a consumer-protection guidance document. Its functional effect is to reinstate a consumer right, not to deregulate.
What the text implies
- Restoring Circular 2023-02 may create compliance costs for banks with legacy account-closure systems, potentially passed to consumers through account fees or reduced service offerings.
- The resolution does not specify enforcement mechanisms or penalties for non-compliance, leaving implementation details to CFPB discretion.
The full analysis lists 3 implications of this text.
Who it affects
Consumers gain a concrete right to reopen deposit accounts banks had closed, reducing barriers to banking access and preventing permanent account exclusion. Banks face a compliance obligation but no direct cost to consumers.