Passed in the House on April 9, 2025 · 217 Yea, 211 Nay, 5 Not Voting
Question: On Passage: S J RES 18 Disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to “Overdraft Lending: Very Large Financial Institutions”
In plain English: This resolution cancels a new rule from the Consumer Financial Protection Bureau that would have limited overdraft fees at large banks to $5, allowed higher fees with justification, or required them to be treated as loans. It effectively prevents these changes to how overdrafts are handled at 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 overdraf…