SJRES 18 — 119th Congress
This joint resolution uses the Congressional Review Act to overturn a final rule issued by the Consumer Financial Protection Bureau (CFPB) regarding overdraft lending practices at very large financial institutions. The CFPB rule, published in the Federal Register on December 30, 2024, would have regulated how large banks handle overdraft fees and overdraft lending. By disapproving this rule, Congress is preventing the CFPB's regulations on overdraft practices from taking effect. The resolution states that the CFPB rule "shall have no force or effect," meaning the previous regulatory framework for overdraft fees at large financial institutions will remain in place. This is a Congressional action to block an executive branch agency's rulemaking authority on consumer financial protection matters.
AI-generated summary, human reviewed.
Regulatory or legal changes
Nullifies CFPB final rule on overdraft lending at very large financial institutions References rule published in Federal Register on December 30, 2024 (89 Fed. Reg. 106768) Prevents rule from having any force or effect under Congressional Review Act
Final vote
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