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 "The Fair Credit Reporting Act's Limited Preemption of State Laws".

S.J. Res. 129, introduced by Sen. Cortez Masto (D-NV) on March 17, 2026, uses the Congressional Review Act to disapprove the CFPB's May 12, 2025 rule that withdrew a prior 2022 rule preempting state fair credit reporting laws. The resolution restores the pre-2022 status quo where state FCRA laws are not preempted, creating a 50-state regulatory patchwork. On April 27, 2026, the Senate Banking Committee was discharged by CRA petition, and the resolution was placed on the Senate Legislative Calendar (Calendar No. 385), indicating imminent floor consideration under expedited CRA procedures. The mechanism is a disapproval resolution — a procedural tool requiring only a simple majority to pass and, once enacted, prevents the agency from issuing substantially similar rules. This is entirely regulatory, with $0 in direct funding — it rescinds a deregulatory action, reimposing compliance burdens without any appropriation. Structural losers are consumer reporting agencies ($EFX) and credit scoring firms ($FICO) that must invest in state-specific compliance systems. National lenders ($COF, $AXP) face higher legal and systems integration costs to align nationwide credit decisioning with 50 distinct state regimes. The sector-wide impact is increased operating costs with no corresponding revenue benefit, compressing margins across consumer finance. The bill's momentum is high — CRA procedures guarantee a floor vote; partisan dynamics (Democratic sponsor in a 119th Congress where Senate control determines outcome) create binary risk: passage reimposes costs; failure maintains current preemption. Real market data confirms material price trends consistent with this regulatory overhang. Equifax ($EFX) has collapsed 12.2% over the last 30 days from around $196 to $172.54, and the 7-day change is effectively flat at +0.04% — the stock appears to have priced in the increasing likelihood of this resolution. The 52-week low is $166.02, just 3.9% below current levels, indicating further downside if the bill passes. FICO ($FICO) dropped 7.82% over 30 days to $984.11, reflecting the same regulatory pressure on its scores business. Capital One ($COF) has shown divergent performance, up 4.75% over 30 days to $191.09 — suggesting other factors (net interest income expectations) are offsetting regulatory risk, but the 7-day trend is slightly negative. American Express ($AXP) is up 5.62% over 30 days to $319.49, indicating the market is less concerned about Amex's closed-loop model sensitivity to this regulation. Timeline: The resolution can be called to the Senate floor at any time under CRA rules requiring debate limits. If it passes the Senate, it goes to the House, where a companion resolution may be introduced under expedited procedures. If enacted, the CFPB is permanently barred from issuing a substantially similar rule, locking in the 50-state patchwork. CRA actions are not subject to filibuster, so 51 votes are sufficient for Senate passage. The key date is before the end of the 119th Congress (January 2027).