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: full_name: Sen. Scott, Tim [R-SC]
Introduced: 2025-02-13
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
Latest action: action_date: 2025-05-09
text: Became Public Law No: 119-10.

Summaries:
action_date: 2025-02-13
action_desc: Introduced in Senate
text: <p>This joint resolution nullifies the final rule issued by the Consumer Financial Protection Bureau titled <em>Overdraft Lending: Very Large Financial Institutions</em> 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&nbsp;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.</p>

action_date: 2025-05-09
action_desc: Public Law
text: <p>This joint resolution nullifies the final rule issued by the Consumer Financial Protection Bureau titled <em>Overdraft Lending: Very Large Financial Institutions</em> 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&nbsp;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.</p>

tv_txt: 119th CONGRESS 1st Session S. J. RES. 18 IN THE SENATE OF THE UNITED STATES JOINT RESOLUTION Disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to Overdraft Lending: Very Large Financial Institutions .

That Congress disapproves the final rule submitted by the Bureau of Consumer Financial Protection relating to Overdraft Lending: Very Large Financial Institutions (89 Fed. Reg. 106768 (December 30, 2024)), and such rule shall have no force or effect.

Passed the Senate March 27, 2025. Secretary

tv_txt: One Hundred Nineteenth Congress of the United States of America 1st Session Begun and held at the City of Washington on Friday, the third day of January, two thousand and twenty five S. J. RES. 18 IN THE SENATE OF THE UNITED STATES JOINT RESOLUTION Disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to Overdraft Lending: Very Large Financial Institutions .

That Congress disapproves the final rule submitted by the Bureau of Consumer Financial Protection relating to Overdraft Lending: Very Large Financial Institutions (89 Fed. Reg. 106768 (December 30, 2024)), and such rule shall have no force or effect.

Speaker of the House of Representatives Vice President of the United States and President of the Senate

tv_txt: IIA Calendar No. 34 119th CONGRESS 1st Session S. J. RES. 18 IN THE SENATE OF THE UNITED STATES February 13, 2025 Mr. Scott of South Carolina (for himself, Mr. Rounds , Mr. Hagerty , Mr. Crapo , Mr. Tillis , Mr. Cramer , Mrs. Britt , Mr. Moran , Mr. Risch , Mr. Boozman , Mr. Wicker , Ms. Lummis , Mr. Ricketts , Mr. Moreno , Mr. Lee , Mr. Daines , and Mr. Thune ) introduced the following joint resolution; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs March 26, 2025 Committee discharged, by petition, pursuant to 5 U.S.C. 802(c) , and placed on the calendar JOINT RESOLUTION Disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to Overdraft Lending: Very Large Financial Institutions .

That Congress disapproves the final rule submitted by the Bureau of Consumer Financial Protection relating to Overdraft Lending: Very Large Financial Institutions (89 Fed. Reg. 106768 (December 30, 2024)), and such rule shall have no force or effect.

March 26, 2025 Committee discharged, by petition, pursuant to 5 U.S.C. 802(c) , and placed on the calendar

tv_txt: IIA 119th CONGRESS 1st Session S. J. RES. 18 IN THE SENATE OF THE UNITED STATES February 13, 2025 Mr. Scott of South Carolina (for himself, Mr. Rounds , Mr. Hagerty , Mr. Crapo , Mr. Tillis , Mr. Cramer , Mrs. Britt , Mr. Moran , Mr. Risch , Mr. Boozman , Mr. Wicker , Ms. Lummis , Mr. Ricketts , and Mr. Moreno ) introduced the following joint resolution; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs JOINT RESOLUTION Disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to Overdraft Lending: Very Large Financial Institutions .

That Congress disapproves the final rule submitted by the Bureau of Consumer Financial Protection relating to Overdraft Lending: Very Large Financial Institutions (89 Fed. Reg. 106768 (December 30, 2024)), and such rule shall have no force or effect.