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EconomyH.J.Res. 59Not Yet VotedComments

Disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions".

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Where the Bill Stands

  1. Introduced, done
  2. Committee, done
  3. Floor Vote, current stage
  4. Outcome, not yet

What This Bill Does

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.

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Related Documents

Bill on Congress.govWeb Page ↗ (opens in a new tab)

Timeline

  1. House floor actionsReported by the Committee on Financial Services. H. Rept. 119-26.
  2. House committee actionsCommittee Consideration and Mark-up Session Held
  3. Library of CongressIntroduced in House
  4. House floor actionsReferred to the House Committee on Financial Services.
  5. Introduced
  6. Committee

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