Overturn the Bureau of Consumer Financial Protection rule “Overdraft Lending: Very Large Financial Institutions”

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.

Summary by the Congressional Research Service (Public Law), via GovInfo BILLSTATUS. Text, sponsors and history on Congress.gov. Sponsor: Sen. Scott, Tim [R-SC].

Passed 218–211 on April 9, 2025 · On Passage

Democrats 0–210, Republicans 217–1

Source: Official roll call · Voteview

Joint Resolution Passed 52–48 on March 27, 2025 · On the Joint Resolution

Democrats 0–45, Independents 0–2, Republicans 52–1

Source: Official roll call · Voteview