S.J.Res. 18 · Where this bill is now
Became law
Public Law 119-10, May 9, 2025
What this bill does
In plain words · AI-written from the official summaryBlocks rule capping bank overdraft charges
This joint resolution would nullify a new rule from the Consumer Financial Protection Bureau that limits overdraft charges at very large financial institutions. The rule would have capped these charges at $5 per overdraft, or allowed banks to charge more only if they provided justification. Banks could also treat overdrafts as credit and follow standard lending disclosure rules instead.
How it affects you
If this resolution passes, customers at very large banks could face higher overdraft charges than the rule would have allowed. Without the cap, banks would have more flexibility to set their own overdraft fees, which could mean bigger charges if your account dips below zero.
Read the official summary (Public Law, May 9, 2025)
This joint resolution nullifies the final rule issued by the Consumer Financial Protection Bureau titled Overdraft Lending: Very Large Financial Institutions and published on December 30, 2024. The rule revises provisions regarding charges for insufficient funds in a customer’s bank account (i.e., overdrafts) at very large financial institutions. Under the rule, these institutions must (1) cap overdraft charges at $5; (2) with justification, cap charges at a higher amount; or (3) handle overdrafts as credit and comply with applicable Truth in Lending Act disclosure requirements.
Written by AI (Claude) using only the official summary by the Congressional Research Service, the Library of Congress’s nonpartisan research staff. It can miss nuance, so check the official summary and the bill text for details.
1st SessionS.J.Res. 18
JOINT RESOLUTION
A joint resolution disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions".
Sponsor: Sen. Tim Scott (R-SC) · Introduced Feb 13, 2025 · Finance and Financial Sector · 4 versions of the text
Sources: Congress.gov actions and votes · bill text from GovInfo · latest official action May 9, 2025: “Became Public Law No: 119-10.”
How Congress voted
Official roll callsHouse · On Passage · Apr 9, 2025
Passage Passed 217–211
| Party | Yes | No | Didn’t vote |
|---|---|---|---|
| Democrats | 0 | 210 | 3 |
| Republicans | 217 | 1 | 2 |
1 member voted against most of their party: 1 Republicans voted No.
Congress votes on whole bills and amendments, not on single sections.
Sections
The wording of this bill hasn’t changed across its 4 official versions.