Bill seeks to restore 20-plus CFPB consumer protection rules scrapped in May
In committeeH.R. 8777Latest action
Sponsor: Maxine Waters · Representative · CA
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Official title: GUIDANCE Act of 2026
119th Congress
Topics: Jobs & the economy
Introduced:
Read the official bill on Congress.govIn plain words
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This bill would restore more than 20 consumer financial protection rules that the CFPB withdrew in May 2025.
45-second read · 4 questions answered below
What does this do?
This bill would cancel the CFPB's May 2025 decision to withdraw more than 20 of its own rules and guidelines. Those rules covered topics like medical debt collection, overdraft fees, lending discrimination, data security, credit reporting, and protections for military servicemembers. Restoring them would put all those rules back in effect as if they had never been removed.
Who does it affect?
Everyday people who use bank accounts, credit cards, loans, or credit reports would be directly affected. Active-duty military members and their families are also among those covered by the rules this bill would restore.
Why does it matter?
If the bill passes, the withdrawn CFPB rules would be legally in force again, and financial institutions would be required to follow them. If it does not pass, those rules remain withdrawn and the consumer protections they provided stay absent.
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Where does it stand?
- IntroducedMay 13, 2026
- House committeeYou are here · May 13, 2026
- House vote
- Senate
- The president's desk
Right now: a House committee is reviewing it. If the Senate changes it, it goes back to the House before reaching the president.
Latest action: — Referred to the House Committee on Financial Services.