S.J.Res.18 — A joint resolution disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions".
House Roll Call
S.J.Res.18
| Bill | S.J.Res.18 — A joint resolution disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions". |
|---|---|
| Vote question | On Passage |
| Vote type | Yea-and-Nay |
| Result | Passed |
| Totals | Yea 217 / Nay 211 / Present 0 / Not Voting 5 |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| R | 217 | 1 | 0 | 2 |
| D | 0 | 210 | 0 | 3 |
| I | 0 | 0 | 0 | 0 |
Research Brief
On Passage
Bill Analysis
Bill Summary: SJRES 18 (119th Congress)
Title: A joint resolution disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to “Overdraft Lending: Very Large Financial Institutions.”
Overview: SJRES 18 is a joint resolution aimed at disapproving a specific rule established by the Bureau of Consumer Financial Protection (CFPB) concerning overdraft lending practices by very large financial institutions. The resolution effectively nullifies the CFPB’s rule, which was designed to regulate how these institutions manage overdraft fees and lending practices, particularly in relation to consumer protection.
Key Provisions: The resolution disapproves the CFPB’s rule that sought to impose stricter regulations on overdraft lending, which included requirements for clearer disclosures and limitations on fees charged to consumers. The intent of the original rule was to enhance consumer protection and prevent excessive fees that could lead to financial distress for consumers.
Funding/Authorities: The resolution does not allocate new funding but serves as a legislative tool to overturn the CFPB’s regulatory authority over overdraft lending for very large financial institutions. By disapproving the rule, the resolution reinstates the previous regulatory framework governing overdraft practices.
Agencies Affected: The primary agency affected by this resolution is the Bureau of Consumer Financial Protection, which oversees consumer financial products and services. The resolution also impacts very large financial institutions that offer overdraft services.
Beneficiaries and Regulation: The resolution primarily benefits very large financial institutions by relieving them from the stricter regulatory requirements imposed by the CFPB’s rule. Conversely, consumers who utilize overdraft services may face fewer protections against high fees and potentially predatory lending practices.
Key Timelines: The resolution was introduced and passed through Congress, culminating in its enactment as Public Law No: 119-10. The swift legislative action reflects a significant shift in the regulatory landscape for overdraft lending practices within a short timeframe, emphasizing the ongoing debate over consumer protection and financial institution regulation.
Yea (217)
K
Ken Calvert
S
Scott Franklin
M
Mark Green
L
Lisa McClain
J
John Rutherford
D
David Schweikert
P
Pete Sessions
Nay (211)
G
Gerald Connolly
J
Jason Crow
L
Lloyd Doggett
J
John Garamendi
J
John Mannion
L
Lucy McBath
E
Eric Swalwell
R
Rashida Tlaib
N
Nydia Velázquez
D
Debbie Wasserman Schultz
