A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Office of the Comptroller of the Currency relating to "Preemption Determination: State Interest-on-Escrow Laws".
Sponsor
Full profile: /officials/R000122
Source: Congress.gov · FEC
Cosponsors (0)
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Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
2026-07-29
Source: Congress.gov
Committee Activity
Currently in
- Senate Committee on Banking, Housing, and Urban AffairsReferred To · 2026-07-29
Plain-English Summary
Congress would reject a banking regulation that allows national banks to ignore state laws requiring them to pay interest on customer escrow accounts (money held temporarily for things like property taxes or insurance). The rule, created by the Office of the Comptroller of the Currency, would let federal banking rules override stricter state protections for customers' money. This would affect bank customers in states with interest-on-escrow laws, potentially costing them money they would otherwise earn on funds held in escrow.
AI-assisted summary generated from the official bill metadata (title, subjects, actions) sourced from Congress.gov. Cached and reviewed. Always verify against the official text linked below.
Full Bill Text
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[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [S.J. Res. 203 Introduced in Senate (IS)] <DOC> 119th CONGRESS 2d Session S. J. RES. 203 Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Office of the Comptroller of the Currency relating to ``Preemption Determination: State Interest-on-Escrow Laws''. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES July 29, 2026 Mr. Reed introduced the following joint resolution; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs _______________________________________________________________________ JOINT RESOLUTION Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Office of the Comptroller of the Currency relating to ``Preemption Determination: State Interest-on-Escrow Laws''. Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That Congress disapproves the rule submitted by the Office of the Comptroller of the Currency relating to ``Preemption Determination: State Interest-on-Escrow Laws'' (91 Fed. Reg. 29350 (May 19, 2026)), and such rule shall have no force or effect. <all>
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