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 "Bulletin 2015-02 re: Section 8 housing choice voucher homeownership program".
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 withdrawal of previous guidance, known as Bulletin 2015-02, which related to the Section 8 housing choice voucher homeownership program. By disapproving of this rule, Congress would effectively nullify the CFPB's recent regulatory action and prevent the agency from issuing a similar rule in the future without specific authorization. If enacted, this resolution would have the force of law and would require the signature of the President. The practical impact would be to restore or maintain the regulatory status quo regarding how housing vouchers can be used for homeownership, potentially affecting how lenders and local housing authorities coordinate these benefits for low-income residents. Because this is a binding joint resolution, it represents a significant legislative effort to exercise oversight over federal agency rulemaking.