H.J.Res. 59 House Finance and Financial Sector
Disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions".
Calendars and Scheduling, still liveSTAGE 3 OF 8 — CALENDARS AND SCHEDULING
Currently in the House. Last action: placed on the union calendar, calendar no. 16 on Mar 21, 2025.
- House Introduced in House Feb 13, 2025
- House Referred to the House Committee on Financial Services. Feb 13, 2025
- House Committee Consideration and Mark-up Session Held Mar 5, 2025
- House Ordered to be Reported by the Yeas and Nays: 30 - 19. Mar 5, 2025
- House Reported by the Committee on Financial Services. H. Rept. 119-26. Mar 21, 2025
- House Placed on the Union Calendar, Calendar No. 16. Mar 21, 2025
Cosponsors
17
Subjects
Administrative law and regulatory proceduresBank accounts, deposits, capitalBanking and financial institutions regulationCongressional oversightConsumer Financial Protection BureauUser charges and fees
Committees
- Financial Services Committee
- [Reported By, Mar 21, 2025]
- [Markup By, Mar 5, 2025]
- [Referred To, Feb 13, 2025]
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.
[Summary as of: Introduced in House]
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