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.
CRS summary — Public Law (2025-05-09)
| Date | Chamber | Question | Yea–Nay | Result | |
|---|---|---|---|---|---|
| 2025-03-26 | Senate | On the Motion to Proceed | 52–47 | Motion to Proceed Agreed to | |
| 2025-03-27 | Senate | On the Joint Resolution | 52–48 | Joint Resolution Passed | ⭐ Became law |
| 2025-04-09 | House | On Passage | 217–211 | Passed | ⭐ Became law |
Senate counts are senators only; a Vice President tie-breaking vote is not included (e.g. 50–50, passed).
