Providing for Congressional Disapproval Under Chapter 8 of Title 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''

Floor Speech

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Mr. KIM. 382, S.J. Res. 126.

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Mr. KIM. Mr. President, I rise today because the American dream of owning a home is getting further and further out of reach, and as working families get crushed by Trump's economy, Congress needs to take steps to make life more affordable.

I filed this joint resolution of disapproval today to do just that and reinstate commonsense guidance at the CFPB that protects hard- working families from being forced or threatened into paying debts that they don't legally owe.

These time-barred or nonenforceable debts are appropriately named ``zombie'' debts. Nearly all States have laws that make it illegal to start a lawsuit after a fixed number of years since a legal claim arose. However, that isn't enough to stop debt collectors from trying to extort money from homeowners by threatening legal action that they have no right to take. These ``zombie'' debts are another example of how American homeowners continue to be plagued from fallout from the 2008 mortgage meltdown.

It doesn't have to be this way. In 2022, CFPB issued guidance to set out clear rules for how to rein in foreclosures on stale mortgage debts. The Trump administration, though, withdrew this commonsense rule, leaving homeowners at risk.

With this vote, we can restore this guidance; we can protect homeowners from zombie debt; we can restore accountability and make sure debt collectors compensate consumers for the harm inflicted by their unfair, deceptive collections; and we can stand up for millions of Americans that need us to have their backs.

I yield back. Vote on Motion to Proceed

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