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 "Consumer Financial Protection Circular 2023-02: Reopening Deposit Accounts That Consumers Previously Closed".

What happened: On May 4, 2026, Rep. Gregory Meeks (D-NY) introduced H.J.Res.173, a joint resolution under the Congressional Review Act. The resolution disapproves a CFPB rule published May 12, 2025 (90 Fed. Reg. 20084) that withdrew a prior circular (CFPB Circular 2023-02) concerning reopening deposit accounts that consumers previously closed. The bill has been referred to the House Committee on Financial Services. It is in early stage with no further action.

The money trail: This is a procedural CRA resolution. It does not authorize or appropriate any funding. The mechanism is regulatory disapproval — if passed by both chambers and signed by the President, it would nullify the CFPB's withdrawal rule and effectively reinstate the original 2023 circular. There is zero direct government spending or tax expenditure involved.

Structural winners and losers: The resolution targets a narrow CFPB rulemaking about bank account reopening practices. The original circular (2023-02) addressed unfair or deceptive acts when banks reopen accounts consumers had voluntarily closed. The CFPB's 2025 withdrawal rule removed that guidance. Disapproval would reinstate it, potentially increasing compliance costs for retail banks. However, the impact is minimal — the circular is interpretive guidance, not a binding regulation. No publicly traded company has material revenue exposure to this specific issue. Major retail banks (JPM, BAC, WFC, C) face negligible operational impact from either the circular or its withdrawal.

Competitive landscape: No real market data is provided. The legislative path is long — the resolution must pass the House, Senate, and be signed by the President. With a Democratic sponsor in a divided Congress, passage probability is low. Even if enacted, the reinstated circular would not create enforceable obligations; it merely restates existing UDAAP authority.

Timeline: The bill is at the earliest stage — referred to committee. No hearings, markups, or votes scheduled. The CRA provides a fast-track mechanism in the Senate (60-day window from rule submission), but this resolution targets a rule from May 2025, so the CRA window may have expired. This is likely a messaging bill with minimal chance of enactment.