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    A joint resolution disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions".

    Type and Bill Number: SJRES.18

    Congress Number: 119

    Status: Became Law

    Last Status Update: Fri, 09 May 2025

    Chamber: Senate

    Topics

    • Federal Budget and Finance
    • Government Operations
    • Federal Agencies and Commissions
    • Legal System and Law Enforcement

    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.

    Sponsors

    • John Boozman
    • Katie Boyd Britt
    • Mike Crapo
    • Kevin Cramer
    • Steve Daines
    • Bill Hagerty
    • Cynthia M. Lummis
    • Mike Lee
    • Jerry Moran
    • Bernie Moreno
    • James E. Risch
    • Mike Rounds
    • Pete Ricketts
    • Tim Scott
    • John Thune
    • Thomas Tillis
    • Roger F. Wicker