Disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions".
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Finance and Financial Sector
Rep. Hill, J. French [R-AR-2] (R) — AR
Summary
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 subjects
Administrative law and regulatory procedures; Bank accounts, deposits, capital; Banking and financial institutions regulation; Congressional oversight; Consumer Financial Protection Bureau; Finance and Financial Sector; User charges and fees
Latest action
Placed on the Union Calendar, Calendar No. 16.
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