S.J.Res. 18
Disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to “Overdraft Lending: Very Large Financial Institutions”
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.
Full text and status on Congress.gov
Roll calls on this measure (3)
- On Passage: S.J.Res. 18: Disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to… (House, Apr 9, 2025; Passed)
- On the Joint Resolution S.J.Res. 18: S.J.Res. 18: A joint resolution disapproving the rule submitted by the Bureau of Consumer Financial… (Senate, Mar 27, 2025; Joint Resolution Passed)
- On the Motion to Proceed S.J.Res. 18: S.J.Res. 18: A joint resolution disapproving the rule submitted by the Bureau of Consumer Financial… (Senate, Mar 26, 2025; Motion to Proceed Agreed to)