Bill Details
View committees (1)
View cosponsors (16)
- Sen. Rounds, Mike [R-South Dakota]
- Sen. Hagerty, Bill [R-Tennessee]
- Sen. Crapo, Mike [R-Idaho]
- Sen. Tillis, Thomas [R-North Carolina]
- Sen. Cramer, Kevin [R-North Dakota]
- Sen. Britt, Katie Boyd [R-Alabama]
- Sen. Moran, Jerry [R-Kansas]
- Sen. Risch, James E. [R-Idaho]
- Sen. Boozman, John [R-Arkansas]
- Sen. Wicker, Roger F. [R-Mississippi]
- Sen. Lummis, Cynthia M. [R-Wyoming]
- Sen. Ricketts, Pete [R-Nebraska]
- Sen. Moreno, Bernie [R-Ohio]
- Sen. Lee, Mike [R-Utah]
- Sen. Daines, Steve [R-Montana]
- Sen. Thune, John [R-South Dakota]
AI Summary This summary was generated by AI from the bill text. AI can get information wrong.
This law blocks a Consumer Financial Protection Bureau rule about overdraft lending at very large financial institutions. In simple terms, Congress decided to cancel that rule, so it cannot take effect or be used by the agency. The result is that the overdraft lending rule for big banks and similar large financial companies has no force or effect.
- The action was taken through a joint resolution passed by Congress and signed into law on May 9, 2025.
- The rule being blocked was the CFPB’s final rule on overdraft lending for very large financial institutions, which had been published in the Federal Register on December 30, 2024.
- Because of this law, the CFPB cannot enforce that overdraft lending rule.
Official Summaries
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.
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.
Current Full Text
[119th Congress Public Law 10]
[From the U.S. Government Publishing Office]
[[Page 139 STAT. 53]]
Public Law 119-10
119th Congress
Joint Resolution
Disapproving the rule submitted by the Bureau of Consumer Financial
Protection relating to ``Overdraft Lending: Very Large Financial
Institutions''. <<NOTE: May 9, 2025 - [S.J. Res. 18 ]>>
Resolved by the Senate and House of Representatives of the United
States of America in Congress assembled, That Congress disapproves the
final rule submitted by the Bureau of Consumer Financial Protection
relating to ``Overdraft Lending: Very Large Financial Institutions'' (89
Fed. Reg. 106768 (December 30, 2024)), and such rule shall have no force
or effect.
Approved May 9, 2025.
LEGISLATIVE HISTORY--S.J. Res. 18:
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CONGRESSIONAL RECORD, Vol. 171 (2025):
Mar. 26, 27, considered and passed Senate.
Apr. 9, considered and passed House.
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