HJRES 59
Disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions".
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.
Bill status
- Status
- Reported
- Sponsor
- Rep. J. French Hill [R-AR-2]
- Cosponsors
- 17
- Policy area
- Finance and Financial Sector
- Introduced
- 2025-02-13
- Latest action
- 2025-03-21: Placed on the Union Calendar, Calendar No. 16.
Committee referrals
Recent actions
- 2025-03-21: Placed on the Union Calendar, Calendar No. 16.
- 2025-03-21: Reported by the Committee on Financial Services. H. Rept. 119-26.
- 2025-03-21: Reported by the Committee on Financial Services. H. Rept. 119-26.
- 2025-03-05: Ordered to be Reported by the Yeas and Nays: 30 - 19.
- 2025-03-05: Committee Consideration and Mark-up Session Held