A joint resolution disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions".
Click any stage to learn more about the legislative process.
Topic: Finance and Financial Sector
Sponsor: Sen. Scott, Tim [R-SC] (R) - SC
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
Became Public Law No: 119-10.
2025-05-09
Ask about this bill
Ask questions about this bill. The AI can look up referenced laws and statutes to provide context.
What existing laws does this bill amend?
What are the main provisions of this bill?
Who would be affected by this legislation?