Legis
Finance
Public law 119-10, S.J. Res. 18 · Friday 9 May 2025

S.J. Res. 18, Public Law 119-10

Congress overturned the Consumer Financial Protection Bureau’s overdraft lending rule for very large financial institutions.

Listen to the summary
0:00

The rule has no legal force or effect and cannot take effect or be enforced.

What the law does ​

  • Disapproves the overdraft lending rule issued on December 30, 2024.
  • Prevents the rule from taking effect or being enforced.

Who it affects ​

  • Very large financial institutions covered by the rule.
  • The Consumer Financial Protection Bureau.

Context ​

The resolution was approved on May 9, 2025.

Breakdown ​

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

This joint resolution overturns the Consumer Financial Protection Bureau’s final rule on overdraft lending by very large financial institutions. The rule has no legal force or effect.

Key takeaways

  • Congress disapproved the overdraft lending rule for very large financial institutions.
  • The Consumer Financial Protection Bureau issued the final rule on December 30, 2024.
  • The disapproved rule cannot take effect or be enforced.
  • The resolution was approved on May 9, 2025.