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S.J.Res. 18119th Congress
Official title: A joint resolution 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.govThe plain-language version leads. The official text is always the reference.
Congress killed a CFPB rule capping overdraft fees at large banks, so those banks keep prior fee-setting flexibility.
35-second read · 4 questions answered below
This law cancels a CFPB rule finalized in December 2024 that would have limited overdraft fees at banks with more than $10 billion in assets. Using the Congressional Review Act, Congress rejected the rule, so it never took effect and has no legal force. Covered banks are not required to follow its fee limits.
Customers of very large banks who overdraw their checking accounts, and the CFPB, which is generally barred from issuing a substantially similar rule without new congressional authorization.
Large banks retain flexibility to set overdraft fees as they did before the rule, without the clearer, potentially cheaper cost structure the rule intended to require.
AI-drafted summary. Verify it against the official text before you act on it. Read the official bill on Congress.gov
Right now: the President signed it. It's law.Now law
Latest action: — Became Public Law No: 119-10.