A joint resolution disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions".
Legislative Progress
Plain English Summary
AI-generatedPlain-English Summary
This legislation cancels a rule that was created by the Consumer Financial Protection Bureau (CFPB) regarding overdraft fees at large banks and credit unions. The original CFPB rule would have placed new limits and requirements on how very large financial institutions — generally those with more than $10 billion in assets — charge customers when they spend more money than they have in their accounts (known as overdraft fees). By passing this resolution, Congress has officially blocked that rule from taking effect.
The bill affects two main groups: large financial institutions and their customers. For banks and large credit unions, it means they are no longer bound by the restrictions the CFPB rule would have imposed on overdraft lending practices. For everyday bank customers — particularly those who use accounts at major banks — it means the federal consumer protections that would have come from that rule will not be put in place. The CFPB's original rule had aimed to reduce or cap overdraft fees, which can typically range from $25 to $35 per transaction.
This resolution was passed using a process called the Congressional Review Act, which allows Congress to overturn recently issued federal agency rules with a simple majority vote. It has been signed into law by the President, making it official. Notably, this also prevents the CFPB from issuing a substantially similar rule in the future without new authorization from Congress.
This summary is AI-generated for informational purposes. Always refer to the official bill text for legal accuracy.
Latest Action
Became Public Law No: 119-10.
May 9, 2025
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Legislative History
Became Public Law No: 119-10.
May 9, 2025Signed by President.
May 9, 2025Signed by President.
May 9, 2025Became Public Law No: 119-10.
May 9, 2025Presented to President.
May 5, 2025Presented to President.
May 5, 2025Motion to reconsider laid on the table Agreed to without objection.
Apr 9, 2025Considered under the provisions of rule H. Res. 294. (consideration: CR H1519-1525)
Apr 9, 2025Rule 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, 2025DEBATE - The House proceeded with one hour of debate on S.J. Res. 18.
Apr 9, 2025The previous question was ordered pursuant to the rule.
Apr 9, 2025POSTPONED 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, 2025Considered as unfinished business. (consideration: CR H1533)
Apr 9, 2025Passed/agreed to in House: On passage Passed by the Yeas and Nays: 217 - 211 (Roll no. 96). (text: CR H1519: 1)
Apr 9, 2025On passage Passed by the Yeas and Nays: 217 - 211 (Roll no. 96). (text: CR H1519)
Apr 9, 2025Rules 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, 2025Rules 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, 2025Held at the desk.
Mar 31, 2025Message on Senate action sent to the House.
Mar 31, 2025Received in the House.
Mar 31, 2025Passed/agreed to in Senate: Passed Senate without amendment by Yea-Nay Vote. 52 - 48. Record Vote Number: 153.
Mar 27, 2025Considered by Senate. (consideration: CR S1879, S1884)
Mar 27, 2025Passed Senate without amendment by Yea-Nay Vote. 52 - 48. Record Vote Number: 153. (text: CR S1884)
Mar 27, 2025Senate Committee on Banking, Housing, and Urban Affairs discharged, by petition, pursuant to 5 U.S.C. 802(c).
Mar 26, 2025Placed on Senate Legislative Calendar under General Orders. Calendar No. 34.
Mar 26, 2025Motion to proceed to consideration of measure agreed to in Senate by Yea-Nay Vote. 52 - 47. Record Vote Number: 152.
Mar 26, 2025Senate Committee on Banking, Housing, and Urban Affairs discharged, by petition, pursuant to 5 U.S.C. 802(c).
Mar 26, 2025Measure laid before Senate by motion. (consideration: CR S1864)
Mar 26, 2025Introduced in Senate
Feb 13, 2025Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Feb 13, 2025