Congress votes to restore bank transparency rule for consumers
S.J.Res. 167 — 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 Information Requests to Large Banks and Credit Unions". · Filed by Elizabeth Warren (D-MA) · Introduced Apr 13, 2026 · Referred to committee
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What it does
This resolution blocks the CFPB's decision to withdraw a rule requiring large banks and credit unions to respond to consumer information requests. By disapproving the CFPB's withdrawal, Congress restores the original rule, forcing banks to continue providing consumer data upon request.
Why we flagged it
The bill uses a Congressional Review Act disapproval mechanism to undo a regulatory withdrawal, restoring a consumer-protection rule. Its functional effect is to reinstate transparency obligations on large financial institutions.
What the text implies
- Restores CFPB authority to enforce consumer-data-access rules against large banks and credit unions, potentially increasing regulatory compliance costs for those institutions.
- May prompt financial institutions to establish or expand data-handling infrastructure to comply with consumer information requests, affecting operational budgets.
- Signals congressional intent to preserve CFPB rulemaking authority in the consumer-finance space, potentially emboldening future CFPB actions.
Section numbers refer to the bill text the analysis read — linked under Primary records below.
Who it affects
Consumers regain a transparency right: large banks and credit unions must respond to information requests, enabling individuals to access their own data and understand how financial institutions hold and use it. This restores a consumer protection that the CFPB had removed.
Named in the bill
Bureau of Consumer Financial Protection (CFPB), Large banks, Credit unions, Congress, Senate Committee on Banking, Housing, and Urban Affairs
Where it stands
- Apr 13, 2026 — Introduced · Congress.gov: “Introduced in Senate”
- Apr 13, 2026 — Referred to Senate Committee on Banking, Housing, and Urban Affairs · Congress.gov: “Read twice and referred to the Committee on Banking, Housing, and Urban Affairs”
Dates and quoted wording are Congress.gov's action record; the timeline shows status changes, not every procedural step.
How this was measured
Analysis — Quorum's AI read the bill text published by Congress.gov (1,318 characters) on Apr 16, 2026. Section numbers in the findings refer to that text, linked below; transparency and hidden-provision scores are compared against the median of 16,222 analysed bills.
Status and sponsors — Congress.gov's bill record — actions, committee referrals and cosponsors — loaded nightly. The timeline shows status changes, not every procedural action.
As of — page rendered 2026-10-20.
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