SJRES 18 · A joint resolution disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions".
Became Public Law No: 119-10.
- Introduced
- Feb 13, 2025
- Latest action
- May 9, 2025
- Sponsor
- Sen. Tim Scott [R-SC]
- Policy area
- Finance and Financial Sector
- Cosponsors
- 16
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.
Recent actions
- May 9, 2025 Became Public Law No: 119-10.
- May 9, 2025 Became Public Law No: 119-10.
- May 9, 2025 Signed by President.
- May 9, 2025 Signed by President.
- May 5, 2025 Presented to President.
- May 5, 2025 Presented to President.
- Apr 9, 2025 Motion to reconsider laid on the table Agreed to without objection.
- Apr 9, 2025 On passage Passed by the Yeas and Nays: 217 - 211 (Roll no. 96). (text: CR H1519)
Votes
- On Passage Passed · Apr 9, 2025, 8:23 PM
- Passed/agreed to in Senate: Passed Senate without amendment by Yea-Nay Vote. 52 - 48. Record Vote Number: 153. Agreed to · Mar 27, 2025, 4:22 PM
- Motion to proceed to consideration of measure agreed to in Senate by Yea-Nay Vote. 52 - 47. Record Vote Number: 152. Agreed to · Mar 27, 2025, 1:09 AM