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H.J.Res. 59119th Congress
Official title: Disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions".
Introduced:
Read the official bill on Congress.govH.J.Res. 59
The plain-language version leads. The official text is always the reference.
This bill would cancel the CFPB's 2024 rule limiting overdraft fees at banks with over $10 billion in assets.
45-second read · 4 questions answered below
This bill would cancel a CFPB rule issued in December 2024 that regulated overdraft fees at "very large financial institutions," generally banks with more than $10 billion in assets. Using the Congressional Review Act, it would void the rule entirely and bar the CFPB from issuing a substantially similar rule without new congressional authorization.
Customers of large banks who overdraw their checking accounts, and the large banks themselves that would have faced new fee limits and compliance requirements. Smaller banks and credit unions are not directly affected.
If passed, large banks would avoid new limits on overdraft fees and would not have to treat certain fees as loans subject to consumer lending protections. Customers of those banks would lose the fee caps and protections the rule would have provided.
AI-drafted summary. Verify it against the official text before you act on it. Read the official bill on Congress.gov
Right now: it's on the House floor calendar. If the Senate changes it, it goes back to the House before reaching the President.
Latest action: — Placed on the Union Calendar, Calendar No. 16.