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

Senate Joint Resolution

S.J.Res. 18

119th Congress

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

Primary Sponsor

Roger Marshall

Senator

Republican

KS

Cosponsors

16

Quick Stats

Policy Area

Finance and Financial Sector

Summary

This joint resolution would nullify the CFPB rule that caps overdraft fees at 5 dollars for very large financial institutions. The disapproval would restore previous overdraft fee practices at large banks, blocking the consumer protection regulation.

Latest Action

Became Public Law No: 119-10.

AI Summary

Plain-English explanation of this bill

This joint resolution would nullify the CFPB rule that caps overdraft fees at 5 dollars for very large financial institutions. The disapproval would restore previous overdraft fee practices at large banks, blocking the consumer protection regulation.

Last updated: 1/5/2026

Official Summary

Congressional Research Service summary

<p>This joint resolution nullifies the final rule issued by the Consumer Financial Protection Bureau titled <em>Overdraft Lending: Very Large Financial Institutions</em> 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.</p>

Key Points

Main provisions of the bill

Nullifies CFPB overdraft fee cap rule
Restores previous overdraft practices at large banks
Blocks 5 dollar fee cap requirement
Uses Congressional Review Act to disapprove rule
Affects very large financial institutions

How This Impacts Americans

Potential effects on citizens and communities

Large banks would be able to continue charging higher overdraft fees. Bank customers could face higher fees than under the CFPB rule. Consumer advocates oppose the disapproval while banks support maintaining current fee structures.

Policy Areas

Primary Policy Area

Finance and Financial Sector

Related Subjects

Administrative law and regulatory procedures

Bank accounts, deposits, capital

Banking and financial institutions regulation

Congressional oversight

Consumer Financial Protection Bureau

User charges and fees

Scope & Jurisdiction

Jurisdiction Level

federal

Congressional Session

119th Congress

Citation Reference

18, 119th Congress (2025). "A joint resolution disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions".". Source: Voter's Right Platform. https://votersright.org/bills/118-sjres-18