H.J.Res. 59 Reported by committee Finance and Financial Sector

Disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions".

  1. Introduced
  2. Committee
  3. Passed House
  4. Passed Senate
  5. To President
  6. Became law
Sponsor Rep. Hill, J. French [R-AR-2] Introduced February 13, 2025 Cosponsors 17 (17 R) Latest action March 21, 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 by the Congressional Research Service, Library of Congress.

Congress.gov

Actions

  1. Mar 21, 2025 Placed on the Union Calendar, Calendar No. 16.
  2. Mar 21, 2025 Reported by the Committee on Financial Services. H. Rept. 119-26.
  3. Mar 5, 2025 Ordered to be Reported by the Yeas and Nays: 30 - 19.
  4. Mar 5, 2025 Committee Consideration and Mark-up Session Held
  5. Feb 13, 2025 Referred to the House Committee on Financial Services.
  6. Feb 13, 2025 Introduced in House

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