[Congressional Record Volume 172, Number 81 (Wednesday, May 13, 2026)]
[Senate]
[Page S2267]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




  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 
``TRUTH IN LENDING (REGULATION Z); CONSUMER PROTECTIONS FOR HOME SALES 
         FINANCED UNDER CONTRACTS FOR DEED''--Motion to Proceed

  Mr. SCHUMER. I move to proceed to Calendar No. 396, S.J. Res. 149.
  The PRESIDING OFFICER. The clerk will report.
  The senior assistant legislative clerk read as follows:

       Motion to proceed to Calendar No. 396, S.J. Res. 149, 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 ``Truth in 
     Lending (Regulation Z); Consumer Protections for Home Sales 
     Financed Under Contracts for Deed''.

  Mr. SCHUMER. Mr. President, the Consumer Financial Protection 
Bureau--CFPB--has played a critical role on the side of people to help 
them avoid junk fees, predatory medical debt, payday lenders who take 
advantage of people in need, including so many of our military 
servicemembers.
  So it should come as no surprise that Donald Trump is no fan of the 
CFPB--he has always sided with big special interests over average 
folks--and he has undermined its protections for the American people.
  Senate Democrats have made clear time and time again: Donald Trump's 
policies are one big broken promise in lowering costs to the American 
people.
  Trump undermining consumer protections is just another example of 
Trump's betrayal--betrayal--of working people.
  So today I am defending the CFPB for the same reason I helped 
authorize it years ago: American consumers need to have someone--
someone--in their corner. This is a critical tool to reducing people's 
everyday costs from healthcare and banking to housing.
  So I am heading up this joint resolution of disapproval with many of 
my colleagues against the Trump administration's decision to reverse 
CFPB protections on mortgage lending called contract for deed 
transactions that without the proper guardrails can devolve into 
predatory practices against Americans trying to buy a home.
  For millions of Americans who can't access a traditional mortgage, a 
contract for deed can seem like a lifeline, but too often, these 
arrangements are simply traps.
  The buyer takes on every obligation of home ownership immediately--
the taxes, the repairs, the risks--but doesn't receive the deed until 
they pay every last dollar.
  This is a formula for failure. Miss a single payment, and you can 
lose everything--no equity, no recourse, evicted like a tenant. Mr. 
President, 200,000 New Yorkers are in this position. We must stop it, 
and I urge a yes vote.
  I yield the floor.


                       Vote on Motion to Proceed

  The PRESIDING OFFICER. The question is on agreeing to the motion to 
proceed.
  In the opinion of the Chair, the noes have it. The motion is 
rejected.
  The motion was rejected.
  The PRESIDING OFFICER. The Senator from Georgia.

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