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.
How Congress Voted
Related bills
Related
- H.Res. 294Providing for consideration of the joint resolution (S.J. Res. 18) disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions"; providing for consideration of the joint resolution (S.J. Res. 28) disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications"; providing for consideration of the bill (H.R. 1526) to amend title 28, United States Code, to limit the authority of district courts to provide injunctive relief, and for other purposes; providing for consideration of the bill (H.R. 22) to amend the National Voter Registration Act of 1993 to require proof of United States citizenship to register an individual to vote in elections for Federal office, and for other purposes; and for other purposes.119
- H.Res. 282Providing for consideration of the joint resolution (S.J. Res. 18) disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions''; providing for consideration of the joint resolution (S.J. Res. 28) disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to ''Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications''; providing for consideration of the bill (H.R. 1526) to amend title 28, United States Code, to limit the authority of district courts to provide injunctive relief, and for other purposes; providing for consideration of the bill (H.R. 22) to amend the National Voter Registration Act of 1993 to require proof of United States citizenship to register an individual to vote in elections for Federal office, and for other purposes; and for other purposes.119
- H.J.Res. 59Disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions".119
Bill text versions
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Legislative Journey
- Introduced
- Committee
- Floor
- Passed Chamber 1
- Passed Chamber 2
- Signed
Became Public Law No: 119-10.
Became Public Law No: 119-10.
Signed by President.
Signed by President.
Presented to President.
HousePresented to President.
Motion to reconsider laid on the table Agreed to without objection.
HouseOn passage Passed by the Yeas and Nays: 217 - 211 (Roll no. 96). (text: CR H1519)
HousePassed/agreed to in House: On passage Passed by the Yeas and Nays: 217 - 211 (Roll no. 96). (text: CR H1519: 1)
Considered as unfinished business. (consideration: CR H1533)
HousePOSTPONED 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.
HouseThe previous question was ordered pursuant to the rule.
HouseDEBATE - The House proceeded with one hour of debate on S.J. Res. 18.
HouseRule 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.
HouseConsidered under the provisions of rule H. Res. 294. (consideration: CR H1519-1525)
HouseRules 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.
HouseRules 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.
HouseHeld at the desk.
HouseReceived in the House.
HouseMessage on Senate action sent to the House.
SenatePassed Senate without amendment by Yea-Nay Vote. 52 - 48. Record Vote Number: 153. (text: CR S1884)
SenatePassed/agreed to in Senate: Passed Senate without amendment by Yea-Nay Vote. 52 - 48. Record Vote Number: 153.
Considered by Senate. (consideration: CR S1879, S1884)
SenateMeasure laid before Senate by motion. (consideration: CR S1864)
SenateMotion to proceed to consideration of measure agreed to in Senate by Yea-Nay Vote. 52 - 47. Record Vote Number: 152.
SenatePlaced on Senate Legislative Calendar under General Orders. Calendar No. 34.
SenateSenate Committee on Banking, Housing, and Urban Affairs discharged, by petition, pursuant to 5 U.S.C. 802(c).
SenateSenate Committee on Banking, Housing, and Urban Affairs discharged, by petition, pursuant to 5 U.S.C. 802(c).
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
SenateIntroduced in Senate