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

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.

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.J. Res. 59 Introduced in House (IH)]

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119th CONGRESS
  1st Session
H. J. RES. 59

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


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 13, 2025

Mr. Hill of Arkansas (for himself, Mr. Meuser, Mr. Ogles, Mrs. Wagner, 
      Mr. Huizenga, Mr. Timmons, Mr. Moore of North Carolina, Mr. 
Haridopolos, Mr. Barr, Mr. Williams of Texas, Mr. Donalds, Ms. Salazar, 
  Mr. Downing, Mr. Norman, and Mr. Grothman) submitted the following 
  joint resolution; which was referred to the Committee on Financial 
                                Services

_______________________________________________________________________

                            JOINT RESOLUTION


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

    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.
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