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.
Finance and Financial Sector
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.
Questions, answered
Ask questions about this bill. The AI can look up referenced laws and statutes to provide context. Try:
- “What existing laws does this bill amend?”
- “What are the main provisions of this bill?”
- “Who would be affected by this legislation?”