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 "Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders".

Bill 118 hjres 201, also known as the "Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders" rule, is a piece of legislation that aims to provide congressional disapproval of a rule submitted by the Bureau of Consumer Financial Protection. The rule in question pertains to the establishment of a registry for nonbank covered persons who are subject to certain agency and court orders.

The bill seeks to invoke Chapter 8 of Title 5 of the United States Code, which allows Congress to disapprove of agency rules within a certain timeframe. This disapproval would prevent the rule from going into effect and would require the agency to reconsider its decision.

The purpose of the rule is to increase transparency and accountability within the nonbank financial sector by creating a registry of entities that have been subject to enforcement actions by regulatory agencies or court orders. This registry would allow consumers and regulators to easily identify nonbank covered persons with a history of noncompliance or misconduct. Supporters of the bill argue that it is necessary to protect consumers and ensure the integrity of the financial system. However, opponents believe that the rule is overly burdensome and could stifle innovation within the nonbank sector. Overall, Bill 118 hjres 201 is a significant piece of legislation that addresses the regulation of nonbank financial entities and aims to strike a balance between consumer protection and industry innovation.