Signed into law
A joint resolution disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "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.
- Measure
- S.J.Res. 18 · 119th Congress
- Latest action
- May 9, 2025
- Policy changes
- 1
- Source
- CRS summary (Public Law) · Congress.gov
Became Public Law No: 119-10.
Who wrote it
Sponsor
Sen. Tim Scott (R-SC)Joined by 16 cosponsors, 13 of them from the day it was introduced. Introduced February 13, 2025.
All 16 cosponsors
- Sen. John Boozman (R-AR) · original
- Sen. Katie Boyd Britt (R-AL) · original
- Sen. Kevin Cramer (R-ND) · original
- Sen. Mike Crapo (R-ID) · original
- Sen. Bill Hagerty (R-TN) · original
- Sen. Cynthia M. Lummis (R-WY) · original
- Sen. Jerry Moran (R-KS) · original
- Sen. Bernie Moreno (R-OH) · original
- Sen. Pete Ricketts (R-NE) · original
- Sen. James E. Risch (R-ID) · original
- Sen. Mike Rounds (R-SD) · original
- Sen. Thom Tillis (R-NC) · original
- Sen. Roger F. Wicker (R-MS) · original
- Sen. Mike Lee (R-UT)
- Sen. Steve Daines (R-MT)
- Sen. John Thune (R-SD)
How Congress voted
Senate · March 27, 2025
Passed Senate without amendment by Yea-Nay Vote. 52 - 48. Record Vote Number: 153.
52 yea · 48 nay · Republicans 52–1 · Democrats 0–45 · Independents 0–2 · Official record
House · April 9, 2025
On passage Passed by the Yeas and Nays: 217 - 211 (Roll no. 96).
217 yea · 211 nay · 5 other · Republicans 217–1 · Democrats 0–210 · Official record
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In their own words
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What it changes — and your vote
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Provision 1
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.
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