A joint resolution disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions".

Bill: 119-sjres-18
Sponsor: Sen. Scott, Tim [R-SC]
Introduced: 2025-02-13 in the Senate
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures
Bank accounts, deposits, capital
Banking and financial institutions regulation
Congressional oversight
Consumer Financial Protection Bureau
User charges and fees

Summary:
action_date: 2025-02-13
text: 
This joint resolution nullifies the final rule issued by the Consumer Financial Protection Bureau titled 
Overdraft Lending: Very Large Financial Institutions
 and published on December 30, 2024. The rule revises provisions regarding charges for insufficient funds in a customer’s bank account (i.e., overdrafts) at very large financial institutions. Under the rule, these institutions must (1) cap overdraft charges at $5; (2) with justification, cap charges at a higher amount; or (3) handle overdrafts as credit and comply with applicable Truth in Lending Act disclosure requirements.

action_date: 2025-05-09
text: 
This joint resolution nullifies the final rule issued by the Consumer Financial Protection Bureau titled 
Overdraft Lending: Very Large Financial Institutions
 and published on December 30, 2024. The rule revises provisions regarding charges for insufficient funds in a customer’s bank account (i.e., overdrafts) at very large financial institutions. Under the rule, these institutions must (1) cap overdraft charges at $5; (2) with justification, cap charges at a higher amount; or (3) handle overdrafts as credit and comply with applicable Truth in Lending Act disclosure requirements.


Legislative actions:
action_date: 2025-05-09
text: Became Public Law No: 119-10.
action_date: 2025-05-09
text: Became Public Law No: 119-10.
action_date: 2025-05-09
text: Signed by President.
action_date: 2025-05-09
text: Signed by President.
action_date: 2025-05-05
text: Presented to President.
action_date: 2025-05-05
text: Presented to President.
action_date: 2025-04-09
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2025-04-09
text: On passage Passed by the Yeas and Nays: 217 - 211 (Roll no. 96). (text: CR H1519: 1)
action_date: 2025-04-09
text: Passed/agreed to in House: On passage Passed by the Yeas and Nays: 217 - 211 (Roll no. 96). (text: CR H1519: 1)
action_date: 2025-04-09
text: Considered as unfinished business. (consideration: CR H1533: 1)
action_date: 2025-04-09
text: POSTPONED PROCEEDINGS - At the conclusion of debate on S.J. Res. 18, the Chair put the question on passage of the joint resolution and by voice vote, announced that the ayes had prevailed. Mr. Hill (AR) demanded the yeas and nays and the Chair postponed further proceedings until a time to be announced.
action_date: 2025-04-09
text: The previous question was ordered pursuant to the rule.
action_date: 2025-04-09
text: DEBATE - The House proceeded with one hour of debate on S.J. Res. 18.
action_date: 2025-04-09
text: Rule provides for consideration of S.J. Res. 18, S.J. Res. 28, H.R. 1526 and H.R. 22. The resolution provides for consideration of H.R. 22, H.R. 1526, S.J. Res. 18, and S.J. Res. 28 under a closed rule. The resolution provides for one hour of debate on each measure and one motion to recommit on H.R. 22 and H.R. 1526, and one motion to commit on S.J. Res. 18 and S.J. Res. 28.
action_date: 2025-04-09
text: Considered under the provisions of rule H. Res. 294. (consideration: CR H1519-1525)
action_date: 2025-04-07
text: Rules Committee Resolution H. Res. 294 Reported to House. Rule provides for consideration of S.J. Res. 18, S.J. Res. 28, H.R. 1526 and H.R. 22. The resolution provides for consideration of H.R. 22, H.R. 1526, S.J. Res. 18, and S.J. Res. 28 under a closed rule. The resolution provides for one hour of debate on each measure and one motion to recommit on H.R. 22 and H.R. 1526, and one motion to commit on S.J. Res. 18 and S.J. Res. 28.
action_date: 2025-04-01
text: Rules Committee Resolution H. Res. 282 Reported to House. Rule provides for consideration of H.R. 22, H.R. 1526, S.J. Res. 18 and S.J. Res. 28. The resolution provides for consideration of H.R. 22, H.R. 1526, S.J. Res. 18, and S.J. Res. 28 under a closed rule. The resolution provides for one hour of debate on each measure and one motion to recommit on H.R. 22 and H.R. 1526, and one motion to commit on S.J. Res. 18 and S.J. Res. 28. The resolution also provides that H. Res. 23 and H. Res. 164 are laid on the table.
action_date: 2025-03-31
text: Held at the desk.
action_date: 2025-03-31
text: Received in the House.
action_date: 2025-03-31
text: Message on Senate action sent to the House.
action_date: 2025-03-27
text: Passed Senate without amendment by Yea-Nay Vote. 52 - 48. Record Vote Number: 153. (text: CR S1884)
action_date: 2025-03-27
text: Passed/agreed to in Senate: Passed Senate without amendment by Yea-Nay Vote. 52 - 48. Record Vote Number: 153.
action_date: 2025-03-27
text: Considered by Senate. (consideration: CR S1879, S1884)
action_date: 2025-03-26
text: Measure laid before Senate by motion. (consideration: CR S1864)
action_date: 2025-03-26
text: Motion to proceed to consideration of measure agreed to in Senate by Yea-Nay Vote. 52 - 47. Record Vote Number: 152.
action_date: 2025-03-26
text: Placed on Senate Legislative Calendar under General Orders. Calendar No. 34.
action_date: 2025-03-26
text: Senate Committee on Banking, Housing, and Urban Affairs discharged, by petition, pursuant to 5 U.S.C. 802(c).
action_date: 2025-03-26
text: Senate Committee on Banking, Housing, and Urban Affairs discharged, by petition, pursuant to 5 U.S.C. 802(c).
action_date: 2025-02-13
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2025-02-13
text: Introduced in Senate

Enacted as: number: 119-10