[Congressional Record Volume 172, Number 81 (Wednesday, May 13, 2026)]
[Senate]
[Page S2270]
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 CREDIT OFFERED TO BORROWERS 
 IN ADVANCE OF EXPECTED RECEIPT OF COMPENSATION FOR WORK''--Motion to 
                                Proceed

  Mr. MERKLEY. Mr. President, I move to proceed to Calendar No. 400, 
S.J. Res. 156.
  The PRESIDING OFFICER. The clerk will report.
  The senior assistant legislative clerk read as follows:

       Motion to proceed to Calendar No. 400, S.J. Res. 156, 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 Credit Offered to Borrowers 
     in Advance of Expected Receipt of Compensation for Work''.

  Mr. MERKLEY. Mr. President, payday loans are notorious short-term 
loans, often with interest rates of 100, 300, or 500 percent. They put 
families into a vortex of debt they often cannot escape. Any way you 
slice it, at those interest rates, it is loansharking.
  Many States, including Oregon, have outlawed these loans and put 
reasonable sideboards on it--a good thing to do. But now the industry 
has changed its language. Instead of calling it a payday loan, they 
call it an earned wage access product. Instead of calling it a loan, 
they call it an advance. Instead of calling it a fee, they call it a 
tip.
  The CFPB provided some national protection, including what States did 
separately--basically, Truth in Lending Act fair disclosure.
  I offer this joint resolution of disapproval to suggest we restore 
that basic Truth in Lending Act disclosure and other protections the 
CFPB had provided--just sideboards to help reduce the most harmful 
aspects of these predatory products.
  So, quite simply, if you are against unregulated loansharking and 
want to end it, vote aye. If you are for loansharking, vote no.


                       Vote on Motion to Proceed

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

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