GUIDANCE Act of 2026

On May 13, 2026, Rep. Maxine Waters (D-CA) introduced HR8777, the GUIDANCE Act, which was referred to the House Committee on Financial Services. The bill would nullify eight separate CFPB rule withdrawals published on May 12, 2025, thereby reinstating the original rules and circulars covering fair credit reporting preemption, data security, servicemember protections, medical debt collection, overdraft opt-in practices, whistleblower protections, lending discrimination, and truth-in-lending for home sales. The bill is in its earliest legislative stage with no committee hearings or markups scheduled.

The bill authorizes zero dollars in federal spending. It is a regulatory restoration bill that operates by voiding prior agency actions. There is no funding mechanism, no grant program, and no procurement authorization. The Congressional Budget Office would likely score this as having no direct spending effect.

Structural winners and losers: If enacted, the bill would increase compliance costs for consumer lenders, debt collectors, and financial institutions subject to CFPB oversight. However, at this early stage, the probability of passage in a Republican-controlled House is extremely low. The bill's sponsor is a senior Democrat but not committee leadership in the current Congress. No Republican co-sponsors are listed. The bill faces a near-zero chance of advancing through committee to a floor vote.

No real market data is provided for stock price movements. The competitive landscape for consumer finance companies (banks, credit card issuers, debt collectors) would see increased regulatory burden if the bill were to pass, but that scenario is highly unlikely given the current political dynamics.

Timeline: The bill must clear the House Financial Services Committee, pass the full House, then proceed to the Senate. Given the early stage, partisan sponsorship, and lack of companion legislation, no meaningful legislative action is expected in the 119th Congress.