Became Public Law No: 119-10.
This joint resolution disapproves and nullifies the Bureau of Consumer Financial Protection’s final rule titled “Overdraft Lending: Very Large Financial Institutions” (89 Fed.
Reg. 106768, Dec. 30, 2024), stating the rule shall have no force or effect.
Narrow procedural repeal increases chance, but partisan split on regulatory rollback and stakeholder opposition create uncertainty.
How solid the drafting looks.
Whether nullifying the CFPB rule protects banks or harms consumers
Whether nullifying the CFPB rule protects banks or harms consumers
Likely opposes the resolution as an undoing of consumer protections.
Views the CFPB rule as intended to curb harmful overdraft practices affecting low-income consumers.
Concerned this resolution favors large financial institutions over consumers.
Mixed view: wants both consumer safeguards and avoidance of unnecessary regulatory burdens.
Would want to review the CFPB rule text and economic analysis before choosing sides.
Prefers a narrowly tailored solution over blanket disapproval.
Likely supports the resolution as a check on regulatory overreach and an important rollback of burdensome rules on large financial institutions.
Prefers market-based solutions and limits on CFPB authority.
Reached or meaningfully advanced
Reached or meaningfully advanced
Reached or meaningfully advanced
Reached or meaningfully advanced
Reached or meaningfully advanced
Narrow procedural repeal increases chance, but partisan split on regulatory rollback and stakeholder opposition create uncertainty.
On Passage
On the Joint Resolution S.J.Res. 18
On the Motion to Proceed S.J.Res. 18
Whether nullifying the CFPB rule protects banks or harms consumers
Narrow procedural repeal increases chance, but partisan split on regulatory rollback and stakeholder opposition create uncertainty.
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