Congress moves to restore CFPB data-security rule for financial firms
S.J.Res. 164 — 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 2022-04: Insufficient Data Protection or Security for Sensitive Consumer Information". · Filed by Jacky Rosen (D-NV) · Introduced Apr 13, 2026 · Referred to committee
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What it does
This resolution uses the Congressional Review Act to block a CFPB action that withdrew a 2022 data-protection rule. If passed, it would restore the 2022 rule requiring financial companies to maintain adequate data security and protect sensitive consumer information from breaches.
Why we flagged it
The bill's sole function is to invoke the Congressional Review Act to disapprove a CFPB withdrawal, thereby restoring a 2022 rule mandating data-security standards for financial institutions. It is a procedural consumer-protection measure, not a substantive new rule.
What the text implies
- If passed, this resolution would require financial institutions to comply with the 2022 CFPB circular's data-security standards, potentially increasing compliance costs for banks and fintech companies.
- The resolution does not create new law; it merely prevents the CFPB from withdrawing an existing rule. Its fate depends on whether it reaches a floor vote and survives a presidential veto.
The full analysis lists 3 implications of this text.
Who it affects
Restoring the 2022 data-protection rule strengthens consumer safeguards against data breaches and inadequate security practices by financial institutions. Ordinary people gain enforceable protections requiring companies to maintain reasonable security standards for sensitive financial information.