This joint resolution nullifies the final rule issued by the Consumer Financial Protection Bureau titled Overdraft Lending: Very Large Financial Institutions and published on December 30, 2024. The rule revises provisions regarding charges for insufficient funds in a customer’s bank account (i.e., overdrafts) at very large financial institutions. Under the rule, these institutions must (1) cap overdraft charges at $5; (2) with justification, cap charges at a higher amount; or (3) handle overdrafts as credit and comply with applicable Truth in Lending Act disclosure requirements.
How it passed
house
On Passage — Passed
Democratic: 0 Yea – 205 Nay (3 other)Independent: 1 Yea – 0 NayRepublican: 212 Yea – 1 Nay (2 other)
senate
Passed without a recorded vote — no member of either party recorded opposition.
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