PlainBillCongress, translated.Legislation. Context. Public interest.Ordered to be Reported (Amended) by the Yeas and Nays: 28 - 21.
Congressional Research Service
No official summary is available in the imported record yet.
People & committees
Rep. Barr, Andy [R-KY-6] · R–KY
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Ordered to be Reported (Amended) by the Yeas and Nays: 28 - 21.
Committee Consideration and Mark-up Session Held
Referred to the Committee on Financial Services, and in addition to the Committees on the Judiciary, Small Business, and Oversight and Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Financial Services, and in addition to the Committees on the Judiciary, Small Business, and Oversight and Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Financial Services, and in addition to the Committees on the Judiciary, Small Business, and Oversight and Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Financial Services, and in addition to the Committees on the Judiciary, Small Business, and Oversight and Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Introduced in House
Introduced in House
Primary sources
Text links open the official source. We also preserved the text version used in the PlainBill explanation below.
Source last updated: Sep 22, 2026. Consult Congress.gov for the current record.
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PlainBill explanation
Based on the full Introduced in House · 2026-08-31 text. This explanation has not received human editorial review. This overview describes the proposal’s major provisions; it does not establish what its real-world effects would be.
This proposal would change how the Consumer Financial Protection Bureau writes rules, supervises financial businesses, and enforces consumer protections. It would require more regulatory reviews, restrict some enforcement powers, and give qualifying small loans and services that advance already-earned wages special legal treatment. Wage-access providers would also face requirements such as offering a free option. The changes would affect consumers, financial businesses, and federal and state regulators.
Notwithstanding any other provision of law, a review of major rules or orders shall be conducted by the OMB Director.
The Bureau may not interpret the authority of the Bureau relating to unfair, deceptive, or abusive acts and practices to include discriminatory practices.
If a covered entity complies with the requirements set forth in subsections (b), (c), and (e) with respect to the offering of a small-dollar product to a consumer, such covered entity shall not be liable in connection with such offering of a small-dollar product
If an earned wage access provider offers a consumer the option to receive earned wages in exchange for a fee, such earned wage access provider shall also offer such consumer the option to obtain the same amount of earned wages at no cost to the consumer.
Earned wage access services provided in compliance with this Act, and any fees or tips received in connection with such services, may not be considered credit, a loan, debt, an obligation, liability, or consumer credit
such attorney general (or the equivalent thereof) shall be subject to the same limitations on authorities as are applied to the Bureau under section 1027 and section 1029.
Section 101 proposes deleting and renumbering parts of the Bureau's funding statute, under a heading describing a move to the regular appropriations process. The supplied amendment does not reproduce the deleted provisions, so it does not by itself explain the complete resulting funding arrangement.
101. Bringing the Bureau into the regular appropriations process Section 1017 of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5497) is amended
(B) by striking paragraphs (1), (2), and (3); (C) by redesignating paragraphs (4) and (5) as paragraphs (1) and (2), respectively; and (D) by striking subparagraphs (E) and (F) of paragraph (1), as so redesignated; (2) by striking subsections (b) and (c)
Section 102 would change the Civil Penalty Fund provision to refer to direct victims. Once all direct victims associated with a particular penalty had been paid, the Bureau would have to transfer the remaining money associated with that penalty to the Treasury's general fund.
(A) in the first sentence, by inserting direct before victims; and (B) by striking the second sentence
if the Bureau makes payments to all of the direct victims of activities for which that civil penalty was imposed, the Bureau shall transfer all amounts that remain in the Civil Penalty Fund with respect to that civil penalty to the general fund of the Treasury.
Section 103 would require proposed rules to identify their legal authority, objectives, measurable indicators of success, costs, benefits, alternatives, and possible overlap with other federal regulations. The Bureau would generally have to disclose supporting data and assumptions, subject to confidentiality protections. Provisions dictated by an express statutory requirement without meaningful Bureau discretion would be exempt from most of the added analysis, but the Bureau would still have to identify their legal authority and explain the exemption.
Each notice of proposed rulemaking issued by the Bureau shall be published in its entirety in the Federal Register and shall include— (i) an identification of objectives and key performance indicators
(ii) an identification of each provision of Federal law that provides the Bureau with statutory authority to issue the proposed regulation, including, with respect to each material requirement of the proposed regulation, the statutory provision authorizing that requirement
(iv) an examination of whether the proposed regulation is duplicative, inconsistent, or incompatible with other Federal regulations and orders
(vi) a quantitative and qualitative assessment of all anticipated direct and indirect costs and benefits of the proposed regulation
(vii) an identification of reasonable alternatives to the regulation, including modification of an existing regulation
To the greatest extent possible, considering protections with respect to confidential supervisory information, trade secrets, and confidential commercial information, the Bureau shall— (i) preserve and make available to the Director of the Office of Management and Budget any data and assumptions the Bureau relied upon in proposing a rule; and (ii) make such data and assumptions publicly available.
The requirements of subparagraph (A), other than the requirement under clause (ii) of such subparagraph to identify statutory authority, shall not apply to a provision of a proposed regulation to the extent the Bureau exercises no material discretion with respect to such provision pursuant to an express statutory requirement.
A notice of proposed rulemaking relying on the exclusion under this subparagraph shall identify each provision for which the Bureau asserts that the Bureau exercises no material discretion and the statutory requirement giving rise to that assertion.
Section 104 would expressly require consideration of proposed rules' effects on small entities. It would also require detailed explanations when specified alternatives for small entities are not adopted, and a final explanation of steps taken to minimize additional credit costs for them.
the impact of proposed rules on small entities, in accordance with section 609 of title 5, United States Code
where the covered agency does not adopt any alternatives described in paragraphs (1) through (4) of subsection (c), a detailed justification of the covered agency’s determination that the relative size and resources of small entities should have no bearing on the rule, supported by factual, policy and legal reasons.
a description of the steps the agency has taken to minimize any additional cost of credit for small entities and, where no significant alternatives for small entities was adopted, a detailed justification
Section 105 would assign reviews of major rules and orders to the Office of Management and Budget director. Reviews would be due within eight years after the first required compliance date, or within eight years after enactment for measures whose compliance dates had already passed. Reviews would assess costs, benefits, effectiveness, and market developments. They would include at least 90 days of public comment and a Bureau response within 120 days afterward. If a measure failed to demonstrate net benefits, the Bureau would have one year to propose amendment or repeal, with a possible single extension of up to 18 months for measures requiring the specified small-entity analysis.
the OMB Director shall conduct a review of such rule or order not later than 8 years after the first date on which compliance with such rule or order is required.
With respect to any major rule or order in effect for which compliance with such rule or order is required before the date of the enactment of this section, the OMB Director shall conduct a review of such rule or order not later than 8 years after the date of the enactment of this section.
evaluate the costs and benefits of the rule, including— (i) compliance costs for covered persons and service providers; (ii) the extent to which the rule achieved the objectives of the rule; (iii) changes in technology, the emergence of new market entrants, and other market developments since the rule was issued
the OMB Director shall seek public comment for not less than 90 days on the factors described in paragraph (3). (B) Agency response Not later than 120 days after the close of the comment period, the Bureau shall provide a written response
If the OMB Director determines that a major rule or order, in whole or in part, fails to demonstrate net benefits under the review required under this subsection— (A) the Bureau shall, not later than 1 year after such determination, issue a notice of proposed rulemaking to amend or repeal the rule or order; or (B) the Bureau may petition the OMB Director for a single extension of up to 18 months, if the rule requires an analysis under chapter 6 of title 5, United States Code.
The term OMB Director means the Director of the Office of Management and Budget.
Section 105 would also require review of non-major rules within ten years of their first compliance dates. Rules involving no meaningful Bureau discretion pursuant to a statutory requirement would be exempt as determined by the OMB director, with public input and an exemption list beginning one year after enactment and every two years afterward. Significantly amended measures could receive a review postponement of up to three years. A public review calendar would begin within 180 days and be updated every six months. These reviews would not automatically terminate rules: the stated consequence for a major measure failing review is a proposal to amend or repeal it.
The OMB Director shall review any non-major rules issued by the Bureau not later than 10 years after the first compliance date for each such rule.
Any rule or order for which the Bureau has not exercised any material discretion pursuant to a statutory requirement, as determined by the OMB Director, shall be exempt from any review described under this section.
Beginning on the date that is 1 year after the date of the enactment of this section, and every 2 years thereafter, the OMB Director shall— (A) seek public input on the determination described in paragraph (1); and (B) publish on a public website a list of rules or orders exempt from review pursuant to this subsection.
The OMB Director may postpone any review under this section by not later than 3 years if the OMB Director determines that a rule or order has been significantly amended by the Bureau
Not later than 180 days after the date of the enactment of this section, and every 6 months thereafter, the OMB Director shall publish in the Federal Register and on a publicly accessible website a schedule of anticipated reviews under this section for the succeeding 2-year period.
issue a notice of proposed rulemaking to amend or repeal the rule or order
Section 106 would create a separate Bureau inspector general, an oversight official. It directs presidential appointment within 60 days after enactment, but makes the amendments effective upon the first inspector general's Senate confirmation. Pending Bureau oversight matters and records would transfer without interruption, and existing valid actions would remain effective. The inspector general would appear before the relevant congressional committee upon invitation shortly after the Bureau director's appearances.
There is established the position of the Inspector General.
Not later than 60 days after the date of the enactment of this Act, the President shall appoint an Inspector General for the Bureau of Consumer Financial Protection in accordance with section 403 of title 5, United States Code.
The amendments made by this section shall take effect on the date on which the first Inspector General of the Bureau of Consumer Financial Protection is confirmed by the Senate.
shall continue without interruption and shall, on and after such effective date, be deemed an action of the Inspector General of the Bureau of Consumer Financial Protection.
shall remain in force and effect according to its terms and need not be reissued, ratified, or otherwise renewed solely by reason of the amendments made by this section.
All records, evidence, work papers, investigative materials, rights, obligations, authorities, and responsibilities relating to a matter described in subparagraph (A) shall transfer
Within a reasonably short amount of time after each appearance by the Director of the Bureau before the Committee on Banking, Housing, and Urban Affairs of the Senate or the Committee on Financial Services of the House of Representatives described in subsection (a), the Inspector General of the Bureau shall appear, upon invitation, before such committee
Section 201 would require a rule defining abusive acts or practices within 180 days after enactment and prohibit Bureau action based on abusiveness until that final rule takes effect. Final rules concerning unfair, deceptive, or abusive practices would need cost-benefit analyses. The section would also prohibit treating discriminatory practices as covered by this particular authority.
Any final rule issued by the Bureau relating to abusive, unfair, or deceptive acts or practices shall include a cost-benefit analysis.
The Bureau shall, not later than 180 days after the date of the enactment of this subsection, issue a rule that defines the term abusive act or practice for the purposes of this section.
may not, before the effective date of the final rule required under section 1031(b)(3) of the Consumer Financial Protection Act of 2010, commence any enforcement action, administrative proceeding, supervisory action, or other proceeding, or otherwise exercise the Bureau’s authority under the Consumer Financial Protection Act of 2010, on the basis that an act or practice is abusive.
The Bureau may not interpret the authority of the Bureau relating to unfair, deceptive, or abusive acts and practices to include discriminatory practices.
Section 201 would limit abusive-practice findings to specified conduct involving intentional and material interference with consumer understanding, or unreasonable advantage involving both misunderstanding and reliance on a business's affirmative action or representation. It also sets an injury test involving harm consumers cannot reasonably avoid that is not outweighed by benefits. Timely, clear, conspicuous disclosure would create a presumption that injury was avoidable, rebuttable only by clear and convincing evidence that the consumer lacked a reasonable way to avoid it.
The Bureau shall have no authority to declare an act or practice of a covered person or a service provider abusive in connection with the provision of a consumer financial product or service, unless the act or practice— (A) intentionally and materially interferes with the ability of a consumer to understand a term or condition of a consumer financial product or service; or (B) takes unreasonable advantage of— (i) a lack of understanding by the consumer with respect to the possible impact, material risks, costs, or conditions of the product or service, or the likelihood of the risks, costs, or conditions of the product or service negatively affecting the consumer; and (ii) the reasonable reliance the consumer places on an affirmative action or representation of such covered person or service provider to induce such consumer to rely on such action or representation.
Conduct of a covered person or service provider shall be considered abusive if— (i) the act or practice causes or is likely to cause substantial injury to consumers which is not reasonably avoidable by consumers; and (ii) such substantial injury is not outweighed by countervailing benefits to consumers or to competition.
If an act or practice was timely, clearly, and conspicuously disclosed to consumers, any substantial injury resulting from the act or practice is presumed to be reasonably avoidable.
may be rebutted only upon a showing, by clear and convincing evidence, that, notwithstanding such disclosure, the consumer did not have a reasonable means of avoiding the substantial injury.
Section 201 would protect businesses that prove a good-faith compliance effort from specified monetary relief, while preserving damages and restitution for identifiable injury caused by abusive practices; civil penalties would not fall within that preserved-remedies exception. A covered person identifying its own potential unfair, deceptive, or abusive practice would receive Bureau notice within 90 days and 180 days after receipt to correct it before an administrative proceeding or civil action. The limitations-clock language says the clock would 'not toll until' correction, refusal to correct, or the end of that period; it does not clearly describe an ordinary pause throughout the correction period.
The Bureau may not seek monetary relief from a covered person or service provider under this section unless the covered person or service provider has not established by a preponderance of the evidence that they made a good-faith effort to comply with the requirements of this section.
shall not restrict the authority of the Bureau to seek legal or equitable remedies, such as damages and restitution, to redress an identifiable consumer injury caused by the abusive acts or practices of such covered person.
a civil money penalty described in section 1055(c) is not a legal or equitable remedy.
If a covered person self-identifies a potential unfair, deceptive, or abusive act or practice carried out by such covered person, the Bureau shall, not later than 90 days after such self-identification, provide a written notice
such person has 180 days after the date the covered person receives such notice to cure such potential unfair, deceptive, or abusive act before the Bureau may commence an administrative proceeding or civil action.
Any applicable statute of limitations that applies to conduct under which the Bureau has given notice and an opportunity to cure shall not toll until— (A) the covered person cures the potential abusive, unfair, or deceptive act or practice and notifies the Bureau that such act or practice has been cured; (B) the covered person notifies the Bureau that such covered person will not cure the act or practice; or (C) the 180-day period to cure ends.
Section 201 would require these enforcement cases to be brought in federal district court where the covered person is headquartered or in the District of Columbia, with specific allegations. The Bureau could not alternatively characterize the same activity as both abusive and unfair or deceptive. Separately, it could not seek civil penalties for conduct preceding the most recent specified consumer-compliance rating, although other listed remedies would remain available.
Enforcement actions brought by the Bureau under this section shall be brought in— (1) the United States district court located where the covered person has its headquarters location; or (2) the United States District Court for the District of Columbia.
the Bureau shall state with particularity the circumstances that the Bureau alleges constitute a violation of this section.
(A) claiming that an activity is unfair or deceptive, the Bureau may not claim in the alternative that the activity is abusive; and (B) claiming that an activity is abusive, the Bureau may not claim in the alternative that the activity is unfair or deceptive.
When enforcing Federal consumer financial law, the Bureau may not seek a civil money penalty for any violating conduct that occurred prior to the most recent assignment of a rating under the Uniform Interagency Consumer Compliance Rating System of the Financial Institutions Examination Council (or any successor rating system).
may not be construed to restrict the ability of the Bureau to seek other forms of legal or equitable relief available under subparagraphs (A) through (G) of section 1055(a)(2)
Section 202 would apply another federal consumer-finance law's filing deadline when an unfair, deceptive, or abusive-practice case involves the same conduct or underlying facts as a violation of that law. This would apply to Bureau and specified state cases filed on or after enactment. It would preserve cases involving conduct that does not violate another federal consumer-finance law and would not extend or pause that other law's deadline.
If conduct alleged to constitute an unfair, deceptive, or abusive act or practice under this title is the same conduct, or arises from the same set of operative facts, as conduct that would constitute a violation of a Federal consumer financial law that provides for a statute of limitations, such action may not be brought after the expiration of the statute of limitations applicable to such Federal consumer financial law.
Nothing in this subsection shall be construed to— (A) preclude the Bureau from bringing an action under section 1036(a)(1)(B), or preclude the attorney general (or the equivalent thereof) or other regulator of a State from brining an action pursuant to section 1042, based on conduct that does not constitute a violation of another Federal consumer financial law; or (B) alter, extend, or toll any statute of limitations applicable to a violation of any Federal consumer financial law.
shall apply to actions brought on and after the date of enactment of this Act by— (1) the Bureau of Consumer Financial Protection; or (2) the attorney general (or the equivalent thereof) or other regulator of a State
Section 203 would define substantial injury as concrete, measurable harm, including monetary loss, a material risk of monetary loss the Bureau finds likely, or significant impairment of access to or use of financial products or services. It would exclude speculative or trivial harm, certain emotional or reputational harms without material financial or functional impairment, and harm outweighed by consumer or competition benefits. Objective evidence would be required; a technical legal violation alone would not suffice, and a material risk would need to have been reasonably foreseeable.
means a concrete and quantifiable harm to a consumer or a class of consumers, including— (i) monetary harm; (ii) a material risk of monetary harm that the Bureau determines is likely to occur; or (iii) a significant adverse effect on a consumer’s ability to access or use a consumer financial product or service
does not include— (i) trivial, hypothetical, or merely speculative harms; (ii) emotional impact, reputational harm, or subjective distress absent a showing of material financial or functional impairment; or (iii) harms that are outweighed by countervailing benefits to consumers or competition
shall be determined based on objective evidence
requires that a material risk of harm be reasonably foreseeable at the time of the act or practice that causes or is likely to cause the injury
may not be established solely by a technical violation of law, contractual term, or regulatory requirement absent a showing of concrete and quantifiable harm
Section 204 would prohibit federal agencies from supervising, regulating, or enforcing against lawyers' and law firms' defined litigation activities. It would also bar federal-court civil suits seeking relief for alleged litigation misconduct by an opposing lawyer or firm. Litigation activities include filings, court-related communications, judgment enforcement, and other practice-of-law activities related to a client's court case. Related amendments would provide special treatment for lawyers collecting debts through litigation.
The term litigation activities means any actions by a licensed attorney or a law firm in connection with a legal action in a court of law on behalf of a client, including— (A) serving, filing, or conveying formal legal pleadings, discovery requests, or other documents pursuant to the applicable statute or rules of civil procedure; (B) communicating in, or at the direction of, a court of law (including in depositions or settlement conferences) or in the enforcement of a judgment; and (C) any other activities engaged in as part of the practice of law, under the laws of a State in which the attorney is licensed or admitted to practice, that relate to the legal action.
Notwithstanding any other provision of law, a Federal agency does not have any supervisory, enforcement, or regulatory authority over litigation activities of attorneys or law firms.
Notwithstanding any other provision of law, a person may not bring a civil action in a court of the United States seeking relief for harm arising out of alleged misconduct related to the litigation activities of an opposing attorney or law firm.
Paragraph (2) shall not apply to a licensed attorney engaging in litigation activities to collect a debt on behalf of a client if the attorney is excluded from the term debt collector under section 803 of the Fair Debt Collection Practices Act by reason of section 803(6)(F) of such Act.
Section 205 would restrict Bureau enforcement concerning businesses regulated by state insurance regulators, to the extent they engage in insurance. It would bar enforcement of the specified title in that activity, require narrow interpretation of certain other Bureau enforcement powers, and direct interpretation in favor of state insurance regulators' authority.
With respect to a person regulated by a State insurance regulator— (i) if such person is offering or providing a consumer financial product or service, the Bureau may not enforce this title with respect to such person to the extent such person is engaged in the business of insurance; and (ii) if such person is subject to any enumerated consumer law or any law for which authorities are transferred under subtitle F or H, the authority of the Bureau to enforce such law with respect to such person shall be narrowly construed to the extent such person is engaged in the business of insurance.
The enforcement of this title shall be broadly construed in favor of the authority of a State insurance regulator with respect to a person regulated by a State insurance regulator.
Section 301 would create protection from specified Truth in Lending Act penalties and private monetary claims for qualifying loans or credit lines of $3,500 or less. Eligible providers would be insured deposit-taking institutions, insured credit unions, and their contracted origination, servicing, or administration partners. Agency orders to stop violations or repay consumers, and enforcement of other laws, would remain available. The dollar limit would rise for inflation beginning January 1, 2028, using 2026 as the base and rounding to the nearest $100. Providers could still offer products outside this protection.
such covered entity shall not be liable in connection with such offering of a small-dollar product, for— (1) any civil money penalties from any enforcement action brought by the Bureau, the appropriate Federal banking agency, or the National Credit Union Administration for a violation of this title; or (2) any damages or other monetary relief through a private right of action brought under this title.
The term covered entity means— (A) an insured depository institution; (B) an insured credit union; (C) a third party with whom an insured depository institution has contracted for products or services related to origination, servicing, or administrative management of a small-dollar credit product; or (D) a third party with whom an insured credit union has contracted for products or services related to origination, servicing, or administrative management of a small-dollar credit product.
The term small-dollar product means a loan or line of credit with a value of $3,500 (as such amount is adjusted under subsection (f)) or less.
Nothing in this subsection may be construed to prohibit the Bureau, a Federal banking agency, or the National Credit Union Administration from issuing a cease-and-desist order or restitution order under this title against a covered entity.
Nothing in this subsection may be construed to prohibit the Bureau, a Federal banking agency, or the National Credit Union Administration from enforcing any provision of law not contained within this title against a covered entity.
Beginning on January 1, 2028, and annually thereafter, the Bureau shall increase the dollar amount specified in subsections (b)(2)(A) and (g)(5) by the annual percentage increase, if any, in the Consumer Price Index for All Urban Consumers
using calendar year 2026 as the base period. (3) Rounding Any amount increased under paragraph (1) shall be rounded to the nearest $100.
Nothing in this title may be construed to prohibit a covered entity from offering a small-dollar product that does not comply with the safe harbor requirements set forth under this section.
To qualify under section 301, installment loans would require terms longer than 45 days and full amortization across multiple payments. Renewals into new loans would require consumer initiation, and a borrower could not have another such product open with the same provider. Credit-line draws would generally require terms longer than 45 days. The exception requires a single payment and a draw no greater than 10 percent of the lesser of $3,500, as adjusted, or 20 percent of the consumer's average monthly direct deposits during the preceding six months. Payments for each draw would have to be fully amortized across multiple payments, except for single-payment loans. Providers would need sound borrower assessment, required disclosures, no prepayment penalty, no payment exceeding twice another payment, and payment of loan proceeds to the consumer's account within five days after approval.
If a small-dollar credit product is structured by a covered entity as an installment loan— (A) the repayment term shall be more than 45 days; (B) payments shall be fully amortized across more than one payment; (C) rollovers into new small-dollar credit products shall be prohibited, unless initiated by a consumer; and (D) the covered entity may not issue any small-dollar credit product to a consumer if such consumer has a small-dollar credit product open with such covered entity at the time such consumer applies for a small-dollar credit product.
the repayment term for each draw shall be more than 45 days unless a single payment is used and the draw is not more than 10 percent of the lesser of $3,500 (as such amount is adjusted under subsection (f)) or 20 percent of the total amount of a consumer’s average monthly direct deposits during the preceding six months; and (B) payments for each draw shall be fully amortized across more than one payment, except in the case of any single-payment loans.
shall use sound underwriting processes
No payment required in association with a small-dollar credit product offered by a covered entity may be greater than double the amount of any other payment required in association with such product.
Each covered entity that offers a small-dollar credit product shall comply with all disclosure requirements set forth by this title.
A covered entity may not impose any prepayment penalty in connection with a small-dollar credit product.
shall be disbursed to the account of such consumer by such covered entity not later than 5 days after the approval of the consumer for the small-dollar credit product.
Section 302 would require the listed federal financial agencies to put a prominent first-page statement on guidance issued from enactment onward. It would say guidance is not legally binding and that failing to follow it does not conclusively establish a legal violation. The requirement would exclude specified rules, agency adjudications, internal guidance, and internal executive-branch legal advice.
The head of each financial agency shall include a guidance clarity statement as described in subsection (b) on any guidance issued by that financial agency on and after the date of the enactment of this Act.
shall be displayed prominently on the first page of the document
This guidance does not have the force and effect of law and therefore does not establish any rights or obligations for any person and is not binding on the agency or the public. If this guidance suggests how regulated entities may comply with applicable statutes or regulations, noncompliance with this guidance does not conclusively establish a violation of applicable law.
but does not include— (A) a rule promulgated pursuant to notice and comment under section 553 of title 5, United States Code; (B) a rule exempt from rulemaking requirements under section 553(a) of title 5, United States Code; (C) a rule of financial agency organization, procedure, or practice; (D) a decision of a financial agency adjudication under section 554 of title 5, United States Code, or any similar statutory provision; (E) internal guidance directed to the issuing financial agency or other agency that is not intended to have a substantial future effect on the behavior of regulated parties; or (F) internal executive branch legal advice or legal opinions addressed to executive branch officials.
Section 303 would require a Government Accountability Office study and a report to the relevant congressional committees within one year after enactment on buy-now-pay-later services. The study would examine providers, disclosures, potential benefits and risks, and comparisons with other products; these are study subjects, not established outcomes. Its definition covers point-of-sale purchases repaid in substantially equal installments without interest or a finance charge, and excludes financing secured by the purchased or leased goods.
303. GAO study on buy now pay later services
The Comptroller General of the United States shall— (1) conduct a study on buy now pay later services
(A) the nature, size, and role of the entities offering buy now pay later services
(C) the disclosures provided to consumers regarding buy now pay later services, including the accessibility and readability of such disclosures
(H) comparing the specific features, benefits, and risks of using such services to the use of other products
not later than 1 year after the date of the enactment of this Act, submit to the relevant congressional committees a report that includes the results of the study
a service offered to a consumer at the point of sale in connection with a transaction for the purchase of goods or services that— (i) allows the consumer to pay for such goods or services over a period of time; (ii) provides for repayment in a specified number of substantially equal periodic installments; and (iii) does not impose interest or a finance charge
does not include— (i) a loan or other extension of credit that is not made at the point of sale in connection with a specific transaction for the purchase of goods or services; or (ii) financing secured by the goods purchased or leased in the transaction.
Section 304 would regulate services advancing income already earned but not yet paid, including income from contract work. Fee-based providers would also have to offer the same amount free and initiate that transfer within one business day, without reducing access or eligibility. Providers would disclose access limits, fees, tips, and repayment details, provide ongoing fee-and-tip totals, and generally give 30 days' notice of material changes unless the consumer agreed to less. Direct employer advances, specified early access to incoming transfers, and payroll facilitation would be excluded from the provider definition.
have been earned or have accrued to the benefit of the consumer in exchange for the services provided by the consumer, but that have not yet been paid to the consumer by an employer.
when the consumer is acting as a contractor of the employer.
such earned wage access provider shall also offer such consumer the option to obtain the same amount of earned wages at no cost to the consumer.
shall initiate the transfer of earned wages to the consumer within one business day of such election.
A consumer’s election of the no-cost option described in subparagraph (A) may not impact— (i) the amount of earned wages disbursed to such consumer; (ii) the frequency with which such earned wages are disbursed to such consumer; or (iii) the consumer’s eligibility to use the provider’s earned wage access services.
Each earned wage access provider shall disclose the following before entering into an agreement with a consumer: (i) Any limits on access to the earned wages a consumer may request from such provider
(ii) Any fees that such provider may apply, and the amount of such fees. (iii) A clear and conspicuous description of how the consumer may obtain earned wages without paying a fee or tip.
The amount that such provider expects to receive as payment after disbursing the earned wages, the date on which such provider expects to receive such amount or a description of when such provider expects to receive such amount, and the manner in which such provider expects to receive such amount.
shall provide the consumer ongoing access to the following disclosures: (i) The total amount of fees and tips that the consumer has already paid in the then-current pay period. (ii) The total amount of fees and tips that the consumer has already paid in the calendar year-to-date.
not less than— (i) 30 days before such material changes take effect; or (ii) a shorter amount of time before such material changes take effect, if the consumer has consented to such shorter amount of time.
(ii) an employer that offers a portion of salary, wages, or compensation earned by a consumer directly to such consumer prior to a normally scheduled pay date or as such wages are accrued, irrespective of any scheduled periodic pay cycle; (iii) a financial institution (as defined in section 509 of the Gramm-Leach-Bliley Act) that permits a consumer to access amounts associated with an electronic fund transfer from the consumer’s employer or a payroll services vendor of the employer for which the financial institution has received information but which has not yet settled; or (iv) a payroll service vendor in its capacity as a facilitator of wage payments to a consumer by an employer, exclusive of any earned wage access services that such vendor may provide.
Section 304 would require consumers to attest each pay period that they had not requested the same wages elsewhere, and providers to verify before each advance that total advances did not exceed available earned wages. Recurring services would have to allow cancellation without a charge. Tips would be voluntary, default to no more than $0, and not affect access; choosing $0 could not trigger an extra tip-confirmation step. The section would prohibit discrimination on the listed grounds and place providers under the specified federal financial-data protections.
prior to the first disbursement of earned wages during each applicable pay period, to attest that the consumer has not requested disbursement of the same earned wages from another earned wage access provider during that pay period.
Before each requested disbursement of earned wages for a consumer, an earned wage access provider shall verify and attest to the consumer that the amount to be disbursed, together with any prior disbursements during the applicable pay period, does not exceed the amount of earned wages actually earned and available to the consumer for that applicable pay period.
shall allow such consumer to discontinue such services if such consumer provides notice
may not impose any financial penalty or cancellation charge on such consumer as a result of any discontinuation of services.
such tip— (I) is voluntary; (II) is not a requirement for receiving earned wage access services; and (III) will not impact— (aa) the amount of such earned wages; (bb) the frequency with which such earned wages are disbursed to such consumer; or (cc) the consumer’s eligibility to use the provider’s earned wage access services
An earned wage access provider may not set any default tip amount greater than $0 in connection with earned wage access services.
If a consumer selects a tip amount of $0, the earned wage access provider may not require the consumer to confirm, reconfirm, or otherwise take any additional action with respect to such tip selection as a condition of completing the transaction.
It shall be unlawful for any earned wage access provider to discriminate against any consumer on the basis of race, color, religion, national origin, sex (including on the basis of pregnancy, childbirth, or related medical conditions), marital status, or age when offering earned wage access services.
Each earned wage access provider shall be deemed a financial institution for purposes of subtitle A of title V of the Gramm-Leach-Bliley Act (15 U.S.C. 6801 et seq.).
Section 304 would generally prohibit collecting wage advances through lawsuits, arbitration, debt collectors, or sales to debt buyers, except for advances based on information the consumer knew was false. It would require complaint-handling procedures. Reimbursement would be required when an attempt to collect disbursed wages, fees, or tips directly from a consumer's deposit account occurs earlier than, or for an amount different from, what was disclosed at the time of authorization and triggers an overdraft or insufficient-funds fee. Providers could not impose nonpayment penalties, report wage-access activity to credit reporting agencies, share consumer fees or tips with employers, or accept credit-card repayment except through a card supplied as part of the service. Certain disclosures to contracted employers would be permitted.
An earned wage access provider may not seek payment for earned wages disbursed by such provider to a consumer, including such disbursed earned wages, or any related fees or tips, by— (i) filing a civil suit against the consumer; (ii) initiating arbitration proceedings against the consumer; (iii) using the services of a debt collector (as such term is defined in section 803 of the Fair Debt Collection Practices Act) to collect amounts from the consumer; or (iv) selling expected payment to a third-party debt buyer for purposes of debt collection from the consumer.
Subparagraph (A) shall not apply if an earned wage access provider is seeking payment for earned wages disbursed to a consumer based on information provided by the consumer that the consumer knew was false.
Each earned wage access provider shall develop and implement policies and procedures to respond to questions and complaints from consumers
If an earned wage access provider seeks payment of disbursed earned wages, a fee, or a tip directly from a deposit account of a consumer, on a date earlier than, or in an amount different from, what was disclosed at the time of authorization and such attempt triggers an overdraft fee or non-sufficient funds fee from the consumer’s financial institution (as defined in section 509 of the Gramm-Leach-Bliley Act (15 U.S.C. 6809)), the earned wage access provider shall reimburse such consumer for such fee.
An earned wage access provider may not— (A) share any fees or tips that were received from or charged to a consumer for earned wage access services with the employer of such consumer; (B) accept payment of disbursed earned wages, fees, or tips from a consumer through a credit card of the consumer, unless such credit card is provided to the consumer as a part of the earned wage access service; (C) require a consumer to pay a late fee, deferral fee, interest, or any other penalty or charge as a result of a failure by the consumer to pay disbursed earned wages, fees, or tips requested or applied by such provider; or (D) furnish information to a consumer reporting agency (as defined in section 603 of the Fair Credit Reporting Act (15 U.S.C. 1681a)) about a consumer’s earned wage access services activities.
An earned wage access provider may disclose to an employer with which such provider has a contract relating to earned wage access services the date and amount of a consumer’s earned wage access transactions associated with the earned wage access services. Subject to applicable privacy laws, a provider may disclose information necessary to perform under a contract with an employer relating to additional products or services.
Section 304 would exclude compliant wage-access services from federal treatment as credit or debt, their providers from treatment as lenders, and related fees and tips from treatment as interest or finance charges. It would override state measures classifying compliant services as loans or significantly interfering with them, while preserving enforcement of generally applicable laws such as fraud and contract laws. The Bureau would have 180 days after enactment to issue necessary rules. Cross-references to a separately named Earned Wage Access Consumer Protection Act leave some drafting context unresolved.
Earned wage access services provided in compliance with this Act, and any fees or tips received in connection with such services, may not be considered credit, a loan, debt, an obligation, liability, or consumer credit, and a person providing such services shall not be considered a creditor or lender, and such fees or tips shall not be considered interest or a finance charge, under Federal law.
No State or political subdivision thereof may impose, maintain, or enforce any laws, constitutions, statutes, regulations, orders, or interpretations with respect to earned wage access services that comply with this Act that— (A) treat such services as credit, a loan, debt, or a substantially similar product or service; (B) treat a provider of such services as a creditor, lender, or provider of a substantially similar product or service; or (C) prevent or significantly interfere with the offering or provision of earned wage access services that comply with this Act.
Nothing in this Act may be construed to preempt, displace, or limit the authority of a State or political subdivision thereof to enforce laws of general applicability, including laws relating to fraud, deceit, unfair or deceptive acts or practices, contracts, property, or taxation.
Not later than 180 days after the date of enactment of this Act, the Bureau shall issue such rules as are necessary to carry out this Act.
providing earned wage access services, as defined in section 2 of the Earned Wage Access Consumer Protection Act
Section 401 would replace the $10 billion amounts in the specified bank and credit-union supervision provision with $30 billion. Beginning by April 1, 2031, and every five years afterward, the Bureau would increase those thresholds using the stated measure of growth in the economy's current-dollar output when the ratio exceeds one, rounded to the nearest $1 billion. Increases would take effect the following January 1. The complete existing supervision provision is not reproduced.
401. Asset thresholds for supervision of banks, savings associations, and credit unions by the Bureau of Consumer Financial Protection
by striking $10,000,000,000 each place it appears and inserting $30,000,000,000
By April 1, 2031, and the 1st day of each subsequent 5-year period, the Bureau shall— (i) increase the thresholds described in paragraph (1) by the ratio, if greater than 1, of the annual value of the current-dollar United States gross domestic product, published by the Department of Commerce, for the calendar year preceding the year in which the adjustment is calculated under this subsection, to the published value of such index for the calendar year preceding April 1, 2026
shall be rounded to the nearest $1,000,000,000.
Any increase determined under this paragraph shall take effect on January 1 of the year immediately succeeding the calendar year in which the increase is determined.
Section 402 would let eligible insured banks and credit unions choose the alternative section 1026 supervision regime associated with their institutional regulator; newly qualifying institutions would be deemed to make that choice automatically. Affiliates of globally systemically important bank holding companies would be excluded. The Bureau could seek to end an election for heightened consumer-injury risk and inadequate regulatory response. The regulator would have 60 days to decide, with a possible two-thirds Financial Stability Oversight Council override of denial. The Bureau could enforce a referred material violation after 120 days without regulator enforcement. Section 402 would also replace specified supervision language about risks to consumers and financial-product markets with language about risks of substantial injury to consumers.
an insured depository institution or insured credit union described in such subsection may elect to be subject to the requirements under section 1026 instead of this section by notifying the Bureau and the appropriate prudential regulator of such election.
A covered person who becomes an insured depository institution or insured credit union described under subsection (a) after the date of enactment of this subsection shall be deemed to have made the election
the Bureau may petition the appropriate prudential regulator for the insured depository institution or insured credit union to terminate such election if the Bureau determines, and notifies the appropriate prudential regulator in writing, that— (i) the insured depository institution or insured credit union presents heightened risks of substantial injury to consumers; and (ii) the appropriate prudential regulator has failed to adequately assess or address compliance with Federal consumer financial law.
Not later than 60 days after receiving a petition under subparagraph (A), the appropriate prudential regulator shall— (i) approve the petition; or (ii) deny the petition in writing
the Bureau may appeal such denial to the Financial Stability Oversight Council, which may, upon a vote of not fewer than two-thirds of the voting members then serving, approve the petition.
if the Bureau has referred a material violation of a Federal consumer financial law to the prudential regulator under section 1026(d)(2)(A) and the prudential regulator does not, before the end of the 120-day period beginning on the date of such referral, take an enforcement action with respect to such material violation, the Bureau may take an enforcement action
This subsection shall not apply to any affiliate of a global systemically important BHC, as such term is defined under section 217.402 of title 12, Code of Federal Regulations.
by striking detecting and assessing associated risks to consumers and to markets for consumer financial products and services and inserting detecting and assessing associated risks of substantial injury to consumers.
Section 403 would require the Bureau, before proposing a rule, to consult appropriate prudential regulators, state financial regulators and appropriate tribal regulatory authorities, subject to the specified paragraph, or other federal agencies. This broader consultation requirement is separate from an added process for proposed rules affecting insured banks and credit unions: the Bureau would provide those proposals to specified regulators or representative organizations, wait at least 60 days before publishing a proposal, publish received comments, and respond to substantive issues. Before civil actions, administrative proceedings, or consent orders against insured banks or credit unions, it would notify relevant regulators, consider their recommendations, and try to avoid duplication and conflicting remedies. Those enforcement-coordination requirements would apply to actions initiated or consent orders entered on or after enactment.
the Bureau shall consult with the appropriate prudential regulators and State financial regulators and appropriate Tribal regulatory authorities, subject to paragraph (5), or other Federal agencies prior to proposing a rule
Prior to issuing a notice of proposed rulemaking that impacts insured depository institutions and insured credit unions, the Bureau shall provide the proposed rule to, and accept written comments from— (i) each prudential regulator; (ii) the Conference of State Bank Supervisors, or a comparable organization representing State banking regulators; (iii) the National Association of State Credit Union Supervisors, or a comparable organization representing State credit union supervisors; (iv) each organization representing State financial regulators that license providers of consumer financial products or services; and (v) appropriate Tribal regulatory authorities, or an organization representing such authorities.
The Bureau shall publish in the rulemaking docket all written comments received pursuant to subparagraph (B) concurrently with the issuance of the notice of proposed rulemaking.
Each notice of proposed rulemaking issued by the Bureau shall include a detailed, written response to any substantive issues raised
The Bureau may not issue a notice of proposed rulemaking until the expiration of a period of not fewer than 60 days after providing the proposed rule to regulators
Prior to initiating any civil action, administrative proceeding, or entering into any consent order against an insured depository institution or an insured credit union, the Bureau shall— (1) provide advance written notice of the contemplated action to— (A) the appropriate prudential regulator; and (B) any relevant State regulator; and (2) provide such regulators with a reasonable opportunity to provide the Bureau with views and recommendations on such contemplated action; and (3) consider such views and recommendations in good faith
The Bureau shall, to the maximum extent practicable— (1) avoid duplicative enforcement actions; (2) avoid remedies that conflict with actions taken by a prudential regulator or State regulator
shall apply to a civil action or administrative proceeding that is initiated, or a consent order that is entered into, on or after the date of enactment of this Act.
Section 404 would replace specified references to consumer risk in nonbank supervision with substantial consumer injury. It would specify that an existing 'reasonable opportunity' must last at least 90 days and require at least 90 days of public comment on new rules defining covered businesses. The supplied text does not reproduce the underlying provision identifying that opportunity. Supervision would be limited to matters directly related to the relevant consumer financial product or service. The section would define nongeographic markets by shared consumer purpose and reasonable interchangeability. It also inserts a reference to small businesses into an existing provision whose full context is not supplied.
by striking risks to consumers each place such term appears and inserting substantial injury to consumers
in paragraph (1)(C), by inserting of at least 90 days after reasonable opportunity
the Bureau shall provide a public notice and comment period of at least 90 days with respect to the rulemaking.
shall be limited to activities, operations, records, personnel, systems, and matters directly related to the offering or provision of the applicable consumer financial product or service
other than in the context of a geographic market, the term market means consumer financial products or services that— (1) share the same primary consumer purpose; and (2) are reasonably interchangeable by consumers.
in paragraph (3)(A), by inserting before the period the following: or to a small business concern (as defined in section 3 of the Small Business Act)
Section 501 would remove one civil-penalty tier, relabel the remaining tiers, and replace the specified $1 million amount with $50,120. It would add self-reporting as a penalty consideration and require rules within 180 days implementing the changes and reductions based on mitigating factors. A standardized penalty schedule would be optional and could not exceed statutory maximums. The supplied text does not reproduce the remaining tiers' full conditions or calculation rules.
(A) in subparagraph (B), in the heading, by striking Second tier and inserting First tier; (B) in subparagraph (C)— (i) in the heading, by striking Third tier and inserting Second tier; and (ii) by striking $1,000,000 and inserting $50,120; (C) by striking subparagraph (A)
whether the person charged self-reported the violation
shall, not later than 180 day after the date of the enactment of this section, issue a rule that— (1) implements the amendments made by this section; and (2) establishes policies and procedures relating to how the Bureau of Consumer Financial Protection will reduce civil monetary penalties based on the presence of mitigation factors
The Bureau may, by rule, establish and periodically revise a civil money penalty matrix or schedule
may not authorize a penalty in excess of the applicable maximum amount specified in paragraph (2).
Section 502 would prohibit using the specified market-monitoring powers or information for enforcement investigations, enforcement actions, or supervisory examinations. Information obtained from covered persons or service providers under that provision could not be made public. It would also delete a reference to assessing and detecting consumer and market risks from another provision whose full text is not supplied.
The Bureau may not use its authorities under this paragraph, or any information obtained pursuant to this paragraph, to initiate or in connection with any enforcement investigation or enforcement action, or to initiate or in connection with any supervisory examination. Information obtained from a covered person or service provider pursuant to this paragraph may not be made public by the Bureau.
in section 1026(b), by striking , and to assess and detect risks to consumers and consumer financial markets.
Section 503 would prevent a state attorney general from bringing the described case under the federal consumer-protection title after the Bureau gave written notice that it had brought or intended to bring an action against the same entity over the same conduct or facts. State cases under this authority would face the same specified limits as Bureau cases. The section would also state that this authority does not permit states to enforce other federal consumer-finance laws.
An attorney general (or the equivalent thereof) of any State may not bring a civil action in the name of such State in any district court of the United States in that State or in State court that is located in that State and that has jurisdiction over the defendant, to enforce provisions of this title or regulations issued under this title, if the Bureau has provided written notice to the attorney general (or the equivalent thereof) that the Bureau has brought or intends to bring an action to enforce this title or regulations issued under this title against the same entity for violations arising from the same conduct or fact pattern.
such attorney general (or the equivalent thereof) shall be subject to the same limitations on authorities as are applied to the Bureau under section 1027 and section 1029.
Nothing in this section may be construed to permit a State to enforce to provisions of any Federal consumer financial laws other than the provisions of this title or regulations issued under this title.
Section 504 would require the Bureau to list regulatory asset thresholds within one year after enactment, then adjust them as soon as practicable for consumer-price changes since each was established. Subsequent adjustments every five years would use the stated current-dollar economic-output formula when its ratio exceeds one. Rounding would be to $1 million, $100,000, or $10,000 depending on threshold size. These thresholds determine whether a regulation applies based on a business's total assets.
the Bureau shall, by rule, adjust such threshold every 5 years by the ratio, if greater than 1, of the annual value of the current-dollar United States gross domestic product, published by the Department of Commerce, for the calendar year preceding the year in which the adjustment is calculated under this subsection, to the published value of such index for the calendar year preceding April 1, 2026.
shall be rounded— (A) to the nearest $1,000,000, for thresholds equal to or greater than $1,000,000,000; (B) to the nearest $100,000, for thresholds equal to or greater than $100,000,000 but less than $1,000,000,000; and (C) to the nearest $10,000, for thresholds less than $100,000,000.
any threshold, expressed as a dollar amount of total assets of a covered person, that determines the applicability of a regulation issued by the Bureau.
Not later than 1 year after the date of enactment of this Act, the Bureau of Consumer Financial Protection shall— (1) identify each asset-based threshold described in section 1022(e) of the Consumer Financial Protection Act; and (2) publish in the Federal Register a list of all such thresholds
As soon as practicable after publishing the thresholds described in subsection (b), the Bureau shall, by rule, and subject to the rounding requirements in section 1022(e)(2) of the Consumer Financial Protection Act, adjust each such threshold to reflect the percentage change in the Consumer Price Index for All Urban Consumers, or any successor index, published by the Bureau of Labor Statistics, between— (1) the date on which the threshold was originally established in regulation; and (2) the date on which the Bureau publishes the list required under subsection (b).
Section 505 would require complaint submitters to attest under penalty of perjury that their information is accurate to the best of the consumer's knowledge, that the consumer or a documented authorized representative submitted it, and that the consumer directly notified the business at least 60 days earlier. Businesses could reasonably close specified duplicate, unfounded, unauthorized, fraudulent, premature, or already-remedied complaints without further action, but would have to report the closure and reason to the Bureau.
each person who submits a complaint to the unit established under this paragraph to attest, under penalty of perjury, that— (I) the information and documentation provided in the complaint is true and accurate to the best of the consumer’s knowledge
the complaint is being submitted directly by— (aa) the consumer; or (bb) a representative authorized to act on the behalf of the consumer who provides sufficient proof of identification and a written document signed by the consumer that permits the third party to act on the behalf of the consumer specifically as it relates to submitting a complaint to the Bureau
the consumer directly informed the covered person who is required to respond to complaints under subsection (b) and (c) of section 1034 to which the complaint relates of the issue about which the consumer is submitting the complaint not less than 60 days before submitting the complaint to the Bureau.
may, upon reasonable determination, close such complaint without further action if— (I) the complaint, as determined by such covered person— (aa) is duplicative of a previously submitted and resolved complaint submitted by the same consumer relating to the same issue; (bb) is frivolous or lacking a basis in fact; (cc) was not submitted by the consumer or an individual authorized to act on the behalf of the consumer; or (dd) was submitted for a fraudulent or misleading purpose
(II) such covered person was not directly informed by the consumer of the issue about which the consumer submitted the complaint not less than 60 days before the consumer submitted the complaint; or (III) such covered person was directly informed by the consumer of the issue about which the consumer submitted the complaint and such covered person responded to such consumer in a manner that remedied the issue raised by the consumer
such covered person shall notify the unit established under this paragraph of such closure and the reason for such closure and such unit shall record such information in the database
Section 505 would keep complaint narratives and business-response narratives confidential. The Bureau could still publish combined statistics and trend analyses without identifying information or narratives reasonably linkable to a consumer or business. When it discovered an unauthorized complaint, it would, where practicable, notify the consumer and give the business the unauthorized submitter's name.
narrative content included in complaints submitted by consumers to the unit established under this paragraph and narrative content included in responses from covered persons who are required to respond to complaints under subsection (b) and (c) of section 1034 who receive complaints from the unit established under this paragraph remain confidential and are not published or made publicly viewable.
The Bureau may publish aggregated data about complaints received from consumers and analyses of trends in such complaints if such data and analyses do not include personally identifiable information or specific narrative content that could reasonably be linked to an individual consumer or covered person
the Director shall to the degree practicable— (I) inform the consumer in whose name the complaint was filed that such complaint was submitted in their name, without their authorization; and (II) provide to the covered person who is required to respond to complaints under subsection (b) and (c) of section 1034 to whom the complaint relates the name of the person who submitted the complaint without the authorization of the consumer.
Section 506 would require advance notice-and-comment rulemaking before the Bureau deletes or changes data under the specified small-business lending-data provision. The rule would have to describe the intended changes and explain how they advance privacy.
506. Enhancements to small business loan privacy Section 704B(e)(4) of the Equal Credit Opportunity Act (15 U.S.C. 1691c–2(e)(4)) is amended
The Bureau shall, before deleting or modifying data under this paragraph, issue, through advance notice and comment, a rule that includes a description of what modifications and deletions the Bureau intends to make to the data and how such modifications and deletions will advance a privacy interest.
The supplied actions snapshot, updated September 22, 2026, records introduction and committee referrals on August 31, 2026, followed by committee consideration and an order to report the bill with amendments on September 16 by a 28–21 vote. This records committee action, not enactment; the supplied bill text is the introduced version.
Source snapshot updated 2026-09-22T15:45:53Z.
2026-09-16: Ordered to be Reported (Amended) by the Yeas and Nays: 28 - 21. 2026-09-16: Committee Consideration and Mark-up Session Held
2026-08-31: Referred to the Committee on Financial Services, and in addition to the Committees on the Judiciary, Small Business, and Oversight and Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
2026-08-31: Introduced in House
A closer look
Reviewed version: Introduced in House · 2026-08-31. These findings describe provisions and who may benefit; they are not judgments of waste, corruption, or motive.
This review covers the supplied bill text. “None identified” does not rule out provisions in later versions or accompanying reports and disclosures.
Provisions outside the bill’s main subject, or policy changes attached to appropriations.
Findings to examine
One possible unrelated provision is identified based on its subject matter. This is not a finding that the source documents its attachment as a rider.
Section 204's general restrictions on federal agency authority and federal-court claims concerning opposing lawyers extend to litigation without a consumer-finance limitation. That general litigation carve-out is a possible unrelated provision in this consumer-finance reform bill, although its debt-collection amendments connect part of the section to the main subject.
This Act may be cited as the Consumer Financial Protection Accountability and Reform Act of 2026.
The term litigation activities means any actions by a licensed attorney or a law firm in connection with a legal action in a court of law on behalf of a client
Notwithstanding any other provision of law, a Federal agency does not have any supervisory, enforcement, or regulatory authority over litigation activities of attorneys or law firms.
Notwithstanding any other provision of law, a person may not bring a civil action in a court of the United States seeking relief for harm arising out of alleged misconduct related to the litigation activities of an opposing attorney or law firm.
any licensed attorney or any law firm, to the extent that such attorney or firm is engaged in litigation activities (as such term is defined in section 1632 of title 28, United States Code) to collect a debt on behalf of a client
Spending directed to particular recipients or places outside ordinary competitive or formula-based allocation.
None identified in the reviewed text
No congressionally directed spending for particular recipients or places was identified in the complete supplied introduced text. This conclusion is limited to that version and does not establish the absence of earmarks in other versions or accompanying materials.
Narrow exceptions, exemptions, or preferential treatment that warrant a closer look.
Findings to examine
The supplied introduced text contains occupational, sector-specific, and product-specific exemptions or preferential treatment. These classifications identify provisions for scrutiny, not judgments about their justification.
Section 204 would give licensed attorneys and law firms a litigation-specific exemption from federal agency oversight and protection against federal-court claims by opposing parties. This occupational carve-out extends beyond consumer debt collection.
The term litigation activities means any actions by a licensed attorney or a law firm in connection with a legal action in a court of law on behalf of a client
Notwithstanding any other provision of law, a Federal agency does not have any supervisory, enforcement, or regulatory authority over litigation activities of attorneys or law firms.
Notwithstanding any other provision of law, a person may not bring a civil action in a court of the United States seeking relief for harm arising out of alleged misconduct related to the litigation activities of an opposing attorney or law firm.
Section 205 would give state-regulated insurance businesses a specific limitation on Bureau enforcement to the extent they engage in insurance. This is a sector-specific exception within the bill's changes to consumer-finance enforcement.
With respect to a person regulated by a State insurance regulator— (i) if such person is offering or providing a consumer financial product or service, the Bureau may not enforce this title with respect to such person to the extent such person is engaged in the business of insurance; and (ii) if such person is subject to any enumerated consumer law or any law for which authorities are transferred under subtitle F or H, the authority of the Bureau to enforce such law with respect to such person shall be narrowly construed to the extent such person is engaged in the business of insurance.
Section 301 would reserve protection from specified Truth in Lending Act penalties and private monetary relief to insured institutions, credit unions, and their contracted partners offering qualifying small-dollar products. Protection would depend on product, underwriting, and other conditions; agency repayment orders and enforcement of other laws would remain available.
If a covered entity complies with the requirements set forth in subsections (b), (c), and (e) with respect to the offering of a small-dollar product to a consumer, such covered entity shall not be liable in connection with such offering of a small-dollar product, for— (1) any civil money penalties from any enforcement action brought by the Bureau, the appropriate Federal banking agency, or the National Credit Union Administration for a violation of this title; or (2) any damages or other monetary relief through a private right of action brought under this title.
The term covered entity means— (A) an insured depository institution; (B) an insured credit union; (C) a third party with whom an insured depository institution has contracted for products or services related to origination, servicing, or administrative management of a small-dollar credit product; or (D) a third party with whom an insured credit union has contracted for products or services related to origination, servicing, or administrative management of a small-dollar credit product.
Nothing in this subsection may be construed to prohibit the Bureau, a Federal banking agency, or the National Credit Union Administration from issuing a cease-and-desist order or restitution order under this title against a covered entity.
Nothing in this subsection may be construed to prohibit the Bureau, a Federal banking agency, or the National Credit Union Administration from enforcing any provision of law not contained within this title against a covered entity.
Section 304 would give compliant earned-wage-access providers and products a specific exclusion from federal credit and lender classifications and protection against certain state restrictions. This is special legal treatment tied to the proposed wage-access requirements; generally applicable state laws would remain enforceable.
Earned wage access services provided in compliance with this Act, and any fees or tips received in connection with such services, may not be considered credit, a loan, debt, an obligation, liability, or consumer credit, and a person providing such services shall not be considered a creditor or lender, and such fees or tips shall not be considered interest or a finance charge, under Federal law.
No State or political subdivision thereof may impose, maintain, or enforce any laws, constitutions, statutes, regulations, orders, or interpretations with respect to earned wage access services that comply with this Act that— (A) treat such services as credit, a loan, debt, or a substantially similar product or service; (B) treat a provider of such services as a creditor, lender, or provider of a substantially similar product or service; or (C) prevent or significantly interfere with the offering or provision of earned wage access services that comply with this Act.
Nothing in this Act may be construed to preempt, displace, or limit the authority of a State or political subdivision thereof to enforce laws of general applicability, including laws relating to fraud, deceit, unfair or deceptive acts or practices, contracts, property, or taxation.
Section 304 would make a narrow exception to its credit-card repayment ban for cards provided as part of the wage-access service. Providers offering that integrated arrangement could accept card repayment that the provision otherwise prohibits.
An earned wage access provider may not— (A) share any fees or tips that were received from or charged to a consumer for earned wage access services with the employer of such consumer; (B) accept payment of disbursed earned wages, fees, or tips from a consumer through a credit card of the consumer, unless such credit card is provided to the consumer as a part of the earned wage access service
Section 402 would give eligible insured institutions and credit unions an option to use the alternative supervision regime, while excluding affiliates of globally systemically important bank holding companies. This is a specific supervisory exemption within the main policy, subject to the Bureau's petition process and backup enforcement authority.
an insured depository institution or insured credit union described in such subsection may elect to be subject to the requirements under section 1026 instead of this section by notifying the Bureau and the appropriate prudential regulator of such election.
This subsection shall not apply to any affiliate of a global systemically important BHC, as such term is defined under section 217.402 of title 12, Code of Federal Regulations.
the Bureau may petition the appropriate prudential regulator for the insured depository institution or insured credit union to terminate such election
if the Bureau has referred a material violation of a Federal consumer financial law to the prudential regulator under section 1026(d)(2)(A) and the prudential regulator does not, before the end of the 120-day period beginning on the date of such referral, take an enforcement action with respect to such material violation, the Bureau may take an enforcement action
Full text preserved for this analysis. Legislative record snapshot: Sep 22, 2026. How PlainBill uses AI