Disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions".
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
This joint resolution seeks to block a rule issued by the Bureau of Consumer Financial Protection regarding overdraft lending practices at very large financial institutions. The rule aimed to limit overdraft fees, capping them at $5 or allowing higher fees with justification, and treat overdrafts as credit with appropriate disclosures. Congress is taking action to disapprove this rule and prevent its implementation.
Key provisions
- Caps overdraft fees at $5 for very large financial institutions.
- Allows institutions to justify higher overdraft fees.
- Requires overdrafts to be treated as credit.
- Mandates Truth in Lending Act disclosures for overdrafts.
- Seeks to prevent the Bureau of Consumer Financial Protection rule from taking effect.
Who is affected
- Very large financial institutions
- Consumers who utilize overdraft services
- The Bureau of Consumer Financial Protection
Notable changes
- This action would negate the proposed changes to overdraft fee structures and treatment.
- It would prevent the Bureau from requiring credit-like disclosures for overdrafts.
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