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 2023-02: Reopening Deposit Accounts That Consumers Previously Closed".

This joint resolution, if enacted, would disapprove of a recent action by the Bureau of Consumer Financial Protection (CFPB). Specifically, it targets the CFPB's withdrawal of a rule related to Consumer Financial Circular 2023-02, which addressed the process for reopening deposit accounts that consumers had previously closed. The resolution uses the Congressional Review Act process, which allows Congress to overturn federal agency rules through a joint resolution.

If this resolution passes both chambers and is signed by the President, it would prevent the CFPB from withdrawing that particular rule. This could mean that banks and financial institutions would need to maintain or follow procedures for helping consumers reopen accounts they had closed. The practical effect would be to preserve consumer protections related to account reopening processes. Currently, the resolution is in the Senate Banking, Housing, and Urban Affairs Committee and has not yet been voted on by the full Senate.