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Congressional Daily Record
This section captures a floor statement or debate entry. It mentions legislation such as 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 "Truth in Lending (Regulation Z); Consumer Credit Offered to Borrowers in Advance of Expected Receipt of Compensation for Work"., members such as Jeff Merkley.
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May 13, 2026
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Download official Senate Record PDFReturn to issue contextPROVIDING FOR CONGRESSIONAL DISAPPROVAL UNDER CHAPTER 8 OF TITLE 5,
FINANCIAL PROTECTION RELATING TO THE WITHDRAWAL OF THE RULE RELATING TO “TRUTH IN LENDING (REGULATION Z); CONSUMER CREDIT OFFERED TO BORROWERS IN ADVANCE OF EXPECTED RECEIPT OF COMPENSATION FOR WORK”—Motion to
Proceed
Mr. MERKLEY. Mr. President, I move to proceed to Calendar No. 400, S.J. Res. 156.
The PRESIDING OFFICER. The clerk will report.
The senior assistant legislative clerk read as follows:
Motion to proceed to Calendar No. 400, S.J. Res. 156, 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 “Truth in
Lending (Regulation Z); Consumer Credit Offered to Borrowers
in Advance of Expected Receipt of Compensation for Work”.
Mr. MERKLEY. Mr. President, payday loans are notorious short-term loans, often with interest rates of 100, 300, or 500 percent. They put families into a vortex of debt they often cannot escape. Any way you slice it, at those interest rates, it is loansharking.
reasonable sideboards on it—a good thing to do. But now the industry has changed its language. Instead of calling it a payday loan, they call it an earned wage access product. Instead of calling it a loan, they call it an advance. Instead of calling it a fee, they call it a tip.
that basic Truth in Lending Act disclosure and other protections the CFPB had provided—just sideboards to help reduce the most harmful aspects of these predatory products.
Vote on Motion to Proceed
The PRESIDING OFFICER. The question is on agreeing to the motion.
In the opinion of the Chair, the noes have it.
The motion was rejected.
The PRESIDING OFFICER. The Senator from New Jersey.