S.J.Res. 18 · Senate joint resolution · 119th Congress

A joint resolution disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions".

Sponsored by Sen. Tim Scott, South Carolina with 16 co-sponsors

Introduced Feb 13, 2025

Referred to the Banking, Housing, and Urban Affairs Committee

Latest action May 9, 2025

SponsorSen. Tim Scott, South Carolina· 16 cosponsorsSen. Mike Rounds, South DakotaSen. Bill Hagerty, Tennessee

Show 14 more cosponsors

What the bill does

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, Aug 26, 2025.

Read the bill

About 38 words

Contents

Sec. .

That Congress disapproves the final rule submitted by the Bureau of Consumer Financial Protection relating to “Overdraft Lending: Very Large Financial Institutions” (89 Fed. Reg. 106768 (December 30, 2024)), and such rule shall have no force or effect.

Official text, Enrolled Bill, from the Government Publishing Office via Congress.gov. Printed version (PDF) · All versions on Congress.gov

What the bill does

Summary by the Congressional Research Service, Aug 26, 2025.