Disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions".

This measure would overturn a new federal rule on bank overdraft fees at very large banks. The Consumer Financial Protection Bureau’s rule would have limited how much these banks can charge when your account goes negative. It set a $5 cap on overdraft fees, allowed a higher cap only with a good reason, or required banks to treat overdrafts like a credit product with clear cost disclosures. This resolution would nullify that rule, so those limits and disclosures would not take effect for very large banks . The measure specifically targets the CFPB’s “Overdraft Lending: Very Large Financial Institutions” rule .

Key points:

• Who is affected: People with accounts at very large financial institutions .
• What changes if this passes: The $5 cap and required disclosures for overdrafts would be blocked, and banks could continue current overdraft practices .
• When: The CFPB rule was published on December 30, 2024; this measure aims to nullify it before those changes take hold .