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 "Prohibition on Creditors and Consumer Reporting Agencies Concerning Medical Information (Regulation V)".

Summary

This joint resolution nullifies a Consumer Financial Protection Bureau (CFPB) rule that would have barred creditors and consumer reporting agencies from using medical information. It declares that the specific regulation published at 90 Fed. Reg. 3276 (Jan. 14, 2025) has no force or effect, effectively reversing that regulatory restriction once the resolution is enacted.

• Nullifies a CFPB rule that would have prohibited creditors and consumer reporting agencies from using medical information.
• Applies only to the specific rule published at 90 Fed. Reg. 3276 (Jan. 14, 2025).
• Does not change underlying law (statutes) such as the Fair Credit Reporting Act or health privacy laws.
• Takes effect on enactment, removing the rule from the set of enforceable federal regulations.
• Likely restores the regulatory status quo for creditors and consumer reporting agencies until new rules or statutes are adopted.
• Has direct implications for consumer privacy, credit reporting practices, and lender underwriting data use.
• Is a single-section, straightforward disapproval rather than a broader policy or funding bill.
• Does not appropriate funds or create new programs or mandates for states or localities.