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S.J.Res. 18 Senate Finance and Financial Sector

A joint resolution disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions".

Introduced
Feb 13, 2025
Sponsor
Sen. Scott, Tim (R-SC)
View on Congress.gov

BECAME LAW MAY 9, 2025

Became Law on May 9, 2025.

  1. Senate Introduced in Senate Feb 13, 2025
  2. Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Feb 13, 2025
  3. Senate Senate Committee on Banking, Housing, and Urban Affairs discharged, by petition, pursuant to 5 U.S.C. 802(c). Mar 26, 2025
  4. Senate Placed on Senate Legislative Calendar under General Orders. Calendar No. 34. Mar 26, 2025
  5. Senate Motion to proceed to consideration of measure agreed to in Senate by Yea-Nay Vote. 52 - 47. Record Vote Number: 152. Mar 26, 2025
  6. Senate Measure laid before Senate by motion. (consideration: CR S1864) Mar 26, 2025
  7. Senate Considered by Senate. (consideration: CR S1879, S1884) Mar 27, 2025
  8. Senate Passed/agreed to in Senate: Passed Senate without amendment by Yea-Nay Vote. 52 - 48. Record Vote Number: 153. Mar 27, 2025
  9. Senate Passed Senate without amendment by Yea-Nay Vote. 52 - 48. Record Vote Number: 153. (text: CR S1884) Mar 27, 2025
  10. Senate
    On the Motion to Proceed S.J.Res. 18 Mar 27, 2025
    Agreed Yea 52 Nay 47 Roll Call
  11. Senate
    On the Joint Resolution S.J.Res. 18 Mar 27, 2025
    Agreed Yea 52 Nay 48 Roll Call
  12. Senate Message on Senate action sent to the House. Mar 31, 2025
  13. House Received in the House. Mar 31, 2025
  14. House Held at the desk. Mar 31, 2025
  15. House Rules Committee Resolution H. Res. 282 Reported to House. Rule provides for consideration of H.R. 22, H.R. 1526, S.J. Res. 18 and S.J. Res. 28. The resolution provides for consideration of H.R. 22, H.R. 1526, S.J. Res. 18, and S.J. Res. 28 under a closed rule. The resolution provides for one hour of debate on each measure and one motion to recommit on H.R. 22 and H.R. 1526, and one motion to commit on S.J. Res. 18 and S.J. Res. 28. The resolution also provides that H. Res. 23 and H. Res. 164 are laid on the table. Apr 1, 2025
  16. House Rules Committee Resolution H. Res. 294 Reported to House. Rule provides for consideration of S.J. Res. 18, S.J. Res. 28, H.R. 1526 and H.R. 22. The resolution provides for consideration of H.R. 22, H.R. 1526, S.J. Res. 18, and S.J. Res. 28 under a closed rule. The resolution provides for one hour of debate on each measure and one motion to recommit on H.R. 22 and H.R. 1526, and one motion to commit on S.J. Res. 18 and S.J. Res. 28. Apr 7, 2025
  17. House Considered under the provisions of rule H. Res. 294. (consideration: CR H1519-1525) Apr 9, 2025
  18. House Rule provides for consideration of S.J. Res. 18, S.J. Res. 28, H.R. 1526 and H.R. 22. The resolution provides for consideration of H.R. 22, H.R. 1526, S.J. Res. 18, and S.J. Res. 28 under a closed rule. The resolution provides for one hour of debate on each measure and one motion to recommit on H.R. 22 and H.R. 1526, and one motion to commit on S.J. Res. 18 and S.J. Res. 28. Apr 9, 2025
  19. House DEBATE - The House proceeded with one hour of debate on S.J. Res. 18. Apr 9, 2025
  20. House The previous question was ordered pursuant to the rule. Apr 9, 2025
  21. House POSTPONED PROCEEDINGS - At the conclusion of debate on S.J. Res. 18, the Chair put the question on passage of the joint resolution and by voice vote, announced that the ayes had prevailed. Mr. Hill (AR) demanded the yeas and nays and the Chair postponed further proceedings until a time to be announced. Apr 9, 2025
  22. House Considered as unfinished business. (consideration: CR H1533) Apr 9, 2025
  23. Senate Passed/agreed to in House: On passage Passed by the Yeas and Nays: 217 - 211 (Roll no. 96). (text: CR H1519: 1) Apr 9, 2025
  24. House On passage Passed by the Yeas and Nays: 217 - 211 (Roll no. 96). (text: CR H1519) Apr 9, 2025
  25. House Motion to reconsider laid on the table Agreed to without objection. Apr 9, 2025
  26. House
    On Passage Apr 9, 2025
    Agreed Yea 217 Nay 211 Roll Call
  27. Senate
    Presented to President. May 5, 2025
  28. Senate
    Signed by President. May 9, 2025
  29. Senate Latest action
    Became Public Law No: 119-10. May 9, 2025

Cosponsors

16

Subjects

Administrative law and regulatory proceduresBank accounts, deposits, capitalBanking and financial institutions regulationCongressional oversightConsumer Financial Protection BureauUser charges and fees

Committees

  • Banking, Housing, and Urban Affairs Committee
    • [Discharged From, Mar 26, 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: Public Law]

Bill Text

Formatted Text PDF United States Legislative Markup Formatted XML

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