Enacted
A joint resolution disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions".
This resolution cancels a federal regulation that would have limited how much the nation's largest banks can charge for overdraft fees. Because the rule is blocked, banks with over $10 billion in assets can continue charging their standard overdraft penalties, which often run around $35 per transaction. It also stops the government from treating typical bank overdraft coverage as a consumer loan subject to standard lending disclosures.
People affected—not determinable from the text provided; the text cites the administrative rule but specifies no population figures.
Fiscal magnitude—not determinable from the text provided; the resolution contains no appropriations, fees, or direct fiscal allocations.
Reach55provisional · pending reviewrigor: heuristic llm
What this bill touches.
Market protections−40Banking/financial rules−40Regulation (cross-sector)−30
Who it helps · who it burdens.
Who it helps
- Very large financial institutionsRelieves very large financial institutions from compliance with the CFPB's overdraft lending rule, preventing the rule's restrictions and fee regulations from taking legal effect.
Who opposes it
- Bureau of Consumer Financial ProtectionDisapproves and nullifies the agency's final rule on overdraft lending at very large financial institutions, stripping it of legal force and effect.
The provisions, in plain language.
Nullifies the Consumer Financial Protection Bureau's final rule on overdraft lending by very large financial institutions, preventing the rule's fee and lending restrictions from taking legal effect.