S.J.Res. 126 — 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 Debt Collection Practices Act (Regulation F); Time-Barred Debt".

S.J.Res. 126 — 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 Debt Collection Practices Act (Regulation F); Time-Barred Debt". | JustPolicyThe main purpose of this legislative text is to allow Congress to disapprove a rule that was proposed by the Bureau of Consumer Financial Protection (CFPB). This rule concerns the handling of time-barred debt, which refers to debts that are too old for creditors to legally enforce through the courts. The resolution aims to maintain the original protections related to the Fair Debt Collection Practices Act, which governs how debt collectors can operate. Key provisions of this resolution include the formal disapproval of the CFPB's decision to withdraw the existing rule on time-barred debt.