A joint resolution 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 uses the Congressional Review Act to disapprove the Consumer Financial Protection Bureau rule titled "Overdraft Lending: Very Large Financial Institutions." If enacted, the CFPB rule would have no force or effect.
Who Benefits and How
Very large financial institutions benefit because the resolution blocks the overdraft-lending rule before it can impose new compliance duties. Banks and credit unions using overdraft-fee models may benefit from avoiding rule-driven changes to pricing, disclosures, or product design.
Who Bears the Burden and How
Consumers who would have received the rule's overdraft protections lose those potential benefits. The Consumer Financial Protection Bureau loses the regulatory framework and enforcement hook created by the rule.
Key Provisions
- Disapproves the CFPB overdraft-lending rule for very large financial institutions.
- Uses the Congressional Review Act to give the rule no force or effect.
- Reduces compliance risk for covered financial institutions.
- Removes the rule's consumer-protection changes before implementation.
- Blocks CFPB from implementing the disapproved overdraft-lending framework.
- Limits future use of a substantially similar overdraft rule unless Congress authorizes it.
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
Nullify the Bureau of Consumer Financial Protection (CFPB) rule on Overdraft Lending: Very Large Financial Institutions under the Congressional Review Act
Key Policy Areas
Finance, Government Operations
Primary Purpose
Nullify the Bureau of Consumer Financial Protection (CFPB) rule on Overdraft Lending: Very Large Financial Institutions under the Congressional Review Act
Policy Domains
whole_bill
Identified Gains
Contextual inference, no direct clause citation- Very large financial institutions
- Banks using overdraft-fee models
- Credit unions using overdraft programs
Contextual inference, no direct clause citation
Identified Costs
Contextual inference, no direct clause citation- Consumer Financial Protection Bureau
- Consumers using overdraft services
- Consumer advocates
Contextual inference, no direct clause citation
Sponsors
Legislative Progress
Signed into LawSigned by President.
Became Public Law No: 119-10.
Presented to President.
Passed/agreed to in House: On passage Passed by the Yeas …
DEBATE - The House proceeded with one hour of debate …
Considered as unfinished business. (consideration: CR H1533)
The previous question was ordered pursuant to the rule.
POSTPONED PROCEEDINGS - At the conclusion of debate on S.J. …
On passage Passed by the Yeas and Nays: 217 - …
Motion to reconsider laid on the table Agreed to without …
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