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 2024-02: Deceptive Marketing Practices About the Speed or Cost of Sending a Remittance Transfer".
Summary
This joint resolution would use the Congressional Review Act to disapprove of a decision by the Bureau of Consumer Financial Protection to withdraw a rule addressing deceptive marketing practices related to remittance transfers. Remittance transfers are money sent by individuals to recipients in other countries, often used by immigrants to support family members abroad. The rule in question, titled Consumer Financial Protection Circular 2024-02, was designed to protect consumers from misleading claims about how quickly or cheaply they could send money internationally. If enacted, this resolution would prevent the Bureau from withdrawing that consumer protection rule. The resolution is currently referred to the Senate Committee on Banking, Housing, and Urban Affairs and has not yet been voted on by the full Senate.