SJRES 18
A joint resolution 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
- Became law
- Sponsor
- Sen. Tim Scott [R-SC]
- Cosponsors
- 16
- Policy area
- Finance and Financial Sector
- Introduced
- 2025-02-13
- Latest action
- 2025-05-09: Became Public Law No: 119-10.
Committee referrals
Recent actions
- 2025-05-09: Became Public Law No: 119-10.
- 2025-05-09: Became Public Law No: 119-10.
- 2025-05-09: Signed by President.
- 2025-05-09: Signed by President.
- 2025-05-05: Presented to President.