SJRES 18119th CongressBecame Law

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

Financial Services

Standard Summary

Comprehensive overview in 1-2 paragraphs

This bill is a joint resolution under the Congressional Review Act to disapprove the Consumer Financial Protection Bureau’s final rule on overdraft lending for very large financial institutions. The rule in question was published December 30, 2024. If Congress passes and the President signs this joint resolution, the final rule would have no force or effect, meaning it could not take effect and would not be implemented. In practical terms, this action blocks the rule from changing how overdraft lending is regulated for the largest banks, preserving the pre-rule regulatory landscape for overdraft practices by those institutions.

Key Points

1Disapproval of the CFPB final rule on overdraft lending for very large financial institutions (CFPB rule cited as 89 Fed. Reg. 106768, December 30, 2024).
2If enacted, the rule would have no force or effect, effectively blocking its implementation and restoring the prior regulatory framework for overdraft lending by large banks.
3The measure is a joint resolution introduced in the 119th Congress; it uses the Congressional Review Act mechanism to nullify the rule.
4The bill does not repeal or amend the underlying statute governing overdraft lending; it only blocks the specific CFPB final rule.
5Next steps require passage by both chambers of Congress and, typically, presidential signature for the disapproval to become law; otherwise, the rule could take effect as originally published.

Impact Areas

Primary: Consumers who use overdraft services from very large financial institutions, who would be affected by whether additional protections or disclosures from the CFPB rule apply.Secondary: Very large banks and other lenders, which would implement or adjust practices under the rule if it had taken effect; the disapproval would maintain current practices.Additional impacts: The broader regulatory environment for consumer financial protection, particularly how Congress uses the Congressional Review Act to block agency rules, and the potential signaling effects for financial institutions and consumer advocacy groups.

Generated by gpt-5-nano on Oct 7, 2025