Providing for congressional disapproval under chapter 8 of title...
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 "Application of Regulation Z's Ability-To-Repay Rule to Certain Situations Involving Successors-In-Interest".
This bill, HJR163, aims to disapprove a rule proposed by the Bureau of Consumer Financial Protection. Specifically, the rule concerns the "Application of Regulation Z's Ability-To-Repay Rule to Certain Situations Involving Successors-In-Interest." The bill follows a process where Congress can disapprove the rule if certain conditions are met. This could impact how financial institutions assess borrowers' ability to repay loans in situations where the loan has been transferred to a new entity.
Those who would be affected by this bill include financial institutions, borrowers, and potentially the Bureau of Consumer Financial Protection itself. The outcome could influence how lenders evaluate loan applications, especially in cases where the original lender has changed.
As of the latest update, the bill was introduced on April 30, 2026, and has been referred to the House Committee on Financial Services. This means it is in the early stages of consideration, and further steps will depend on the committee's actions.
