United StatesDisapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions".
What it does
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.
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Where it stands
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2025
- Mar 21Reported by the Committee on Financial Services. H. Rept. 119-26.Latest
- Mar 21Placed on the Union Calendar, Calendar No. 16.
- Mar 5Committee Consideration and Mark-up Session Held
- Mar 5Ordered to be Reported by the Yeas and Nays: 30 - 19.
- Feb 13Introduced in House
- Feb 13Referred to the House Committee on Financial Services.Introduced