H.J.Res. 59 explained · 119th Congress · Pending in Congress
Disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions".
Cosponsors: 17 (0 D, 17 R) · per Congress.gov, 2026-10-12
Introduced: 2025-02-13
Latest action (2025-03-21): Placed on the Union Calendar, Calendar No. 16.
What H.J.Res. 59 does, in plain terms
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.
Official summary by the Congressional Research Service, via Congress.gov.
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