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 "Limited Applicability of Consumer Financial Protection Act's 'Time or Space' Exception With Respect to Digital Marketing Providers".
Summary
This joint resolution proposes to use the Congressional Review Act to formally disapprove of a specific rule issued by the Bureau of Consumer Financial Protection (CFPB). The rule in question involves the 'time or space' exception, which traditionally exempts certain media and marketing providers from being classified as service providers under consumer financial protection laws. By disapproving of the CFPB's decision to withdraw or modify this exception, the resolution aims to prevent the agency's regulatory changes from taking effect.
If enacted, this measure would maintain the existing regulatory status for digital marketing providers rather than allowing the CFPB to implement its new interpretation. This could impact how digital platforms are held accountable for the financial advertisements they display. Because this is a joint resolution, it would have the force of law if passed by both chambers of Congress and signed by the President, effectively nullifying the agency's specific regulatory action.