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.
Read it yourself · The summaries below are the Congressional Research Service’s. Under each one you can open the bill’s own wording, or read the full text (enrolled (sent to the President)).
What it would cost
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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.
›Read the bill’s wording · Section(closest match)
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