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

This measure cancels a recent Consumer Financial Protection Bureau rule about bank overdraft fees at very large banks. Because the rule is nullified, the planned limits and disclosures in that rule will not take effect. The rule would have required these banks to either cap overdraft fees at $5, justify a higher cap, or treat overdrafts like a credit product with Truth in Lending disclosures, but this cancellation stops those changes from happening . The resolution explicitly disapproves the CFPB’s “Overdraft Lending: Very Large Financial Institutions” rule .