Disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions".
Summary
What This Bill Does
This joint resolution disapproves the Consumer Financial Protection Bureau final rule titled "Overdraft Lending: Very Large Financial Institutions," published at 89 Federal Register 106768 on December 30, 2024. It uses the Congressional Review Act format: Congress states that it disapproves the submitted rule and that the rule shall have no force or effect. If enacted, the CFPB could not enforce that final rule, and the rule would be treated as null under the CRA framework.
Who Benefits and How
Very large financial institutions benefit because the CFPB overdraft-lending rule would have no force or effect. Banks subject to the rule benefit from avoiding compliance changes, fee restrictions, disclosures, or product adjustments required by that rule. Opponents of CFPB overdraft regulation benefit from using the Congressional Review Act to nullify the rule. Bank compliance departments benefit by avoiding implementation work tied specifically to the disapproved final rule.
Who Bears the Burden and How
The Consumer Financial Protection Bureau bears a burden because its final rule would be nullified and unenforceable. Consumers who would have received protections under the overdraft-lending rule may lose those protections. Supporters of overdraft-fee regulation bear a policy setback. Congressional and agency staff must process the CRA disapproval and treat the rule as having no force or effect.
Key Provisions
- Disapproves the CFPB final rule on Overdraft Lending: Very Large Financial Institutions.
- Identifies the rule by Federal Register citation and publication date.
- Provides that the rule has no force or effect.
- Uses the Congressional Review Act disapproval mechanism.
- Blocks CFPB enforcement of the disapproved overdraft-lending rule.
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers.
At a Glance
What This Bill Does
Uses the Congressional Review Act to disapprove the Consumer Financial Protection Bureau final rule on 'Overdraft Lending: Very Large Financial Institutions' published December 30, 2024, making the rule have no force or effect.
Key Policy Areas
Financial Regulation, Consumer Finance, Congressional Review
Primary Purpose
Uses the Congressional Review Act to disapprove the Consumer Financial Protection Bureau final rule on 'Overdraft Lending: Very Large Financial Institutions' published December 30, 2024, making the rule have no force or effect.
Policy Domains
House resolution provisions
Identified Gains
Contextual inference, no direct clause citation- Very large financial institutions
- Banks subject to the overdraft rule
- Opponents of CFPB overdraft regulation
- Bank compliance departments
Contextual inference, no direct clause citation
Identified Costs
Contextual inference, no direct clause citation- Consumer Financial Protection Bureau
- Consumers using overdraft products
- Supporters of overdraft-fee regulation
- Congressional staff
- Agency staff
Contextual inference, no direct clause citation
Sponsors
Legislative Progress
ReportedPlaced on the Union Calendar, Calendar No. 16.
Reported by the Committee on Financial Services. H. Rept. 119-26.
Ordered to be Reported by the Yeas and Nays: 30 …
Committee Consideration and Mark-up Session Held
Referred to the House Committee on Financial Services.
Introduced in House
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "cfpb"
- → Consumer Financial Protection Bureau
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology