Congress overturns CFPB cap on big bank overdraft fees
Signed into lawS.J.Res. 18Latest action
Sponsor: Tim Scott · Senator · SC
AIDecoded by AI · checked against the recordRead the official text
Official title: A joint resolution disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions".
119th Congress
Topics: Jobs & the economy
Introduced:
Read the official bill on Congress.govIn plain words
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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
What does this do?
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 , Congress rejected the rule, so it never took effect and has no legal force. Covered banks are not required to follow its fee limits.
Who does it affect?
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.
Why does it matter?
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.
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This is law.
Where does it stand?
- IntroducedFeb 13, 2025
- Senate committee
- Senate vote
- House
- The president's desk
Right now: the president signed it. It's law.Now law
Latest action: — Became Public Law No: 119-10.
Recorded votes
Roll-call votes recorded since January 3, 2025.
House · · Roll call 96
As recorded
- Question
- On Passage
- Result:
- Passed
- 217
- Nay
- 211
- 0
- 5
Republicans 217 yes, 1 no, 2 not voting · Democrats 210 no, 3 not voting
Official recordHow members voted
The official record lists how each member voted.Official record
Senate · · Roll call 153
As recorded
- Question
- On the S.J.Res. 18
- Result:
- Joint Resolution Passed
- 52
- Nay
- 48
- 0
- 0
Republicans 52 yes, 1 no · Democrats 45 no · Independents 2 no
Official recordHow members voted
The official record lists how each member voted.Official record
Senate · · Roll call 152
As recorded
- Question
- On the S.J.Res. 18
- Result:
- Motion to Proceed Agreed to
- 52
- Nay
- 47
- 0
- 1
Republicans 52 yes, 1 no · Democrats 44 no, 1 not voting · Independents 2 no
Official recordHow members voted
The official record lists how each member voted.Official record