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 "Fair Credit Reporting; Permissible Purposes for Furnishing, Using, and Obtaining Consumer Reports".

Credit reporting agencies and lenders face higher costs to follow strict rules. These costs may be passed to consumers through higher fees or interest rates.

Companies have less freedom to use credit data for legitimate purposes like fraud detection and lending decisions. Stricter rules can slow business processes.

The CFPB withdrew the rule for stated reasons. Using Congress to override that decision removes agency discretion and creates uncertainty about future rule changes.