Congress restores credit-data privacy rules the CFPB had quietly withdrawn
S.J.Res. 145 — 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 "Fair Credit Reporting; Permissible Purposes for Furnishing, Using, and Obtaining Consumer Reports". · Filed by Ron Wyden (D-OR) · Introduced Mar 25, 2026 · Reported out
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What it does
This resolution uses the Congressional Review Act to block a CFPB rule that withdrew consumer-protection standards for credit reporting. The CFPB had rescinded a rule governing how credit bureaus can use and share consumer reports; this resolution disapproves that rescission, which restores the original consumer-protection rule and prevents credit bureaus from using consumer data in ways the withdrawn rule had permitted.
Why we flagged it
The bill's operative mechanism is a Congressional Review Act disapproval that voids a CFPB rescission, thereby restoring a consumer-protection rule governing credit reporting practices. The functional effect is restoration of privacy and data-use safeguards, not deregulation.
What the text implies
- Restoring the rule may increase compliance costs for credit bureaus and data brokers, potentially raising prices for credit reports or limiting data-sharing services that rely on permissive use standards.
- The rule restoration applies retroactively to the CFPB's May 2025 withdrawal, meaning any data-sharing or use practices permitted under the interim period may face legal challenge or require reversal.
The full analysis lists 3 implications of this text.
Who it affects
Restoring the Fair Credit Reporting rule strengthens consumer privacy and control over credit data. Consumers regain legal protections against unauthorized use and furnishing of their consumer reports by credit bureaus and data brokers, reducing the risk of identity theft, discrimination, and misuse of personal financial information.