A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to withdrawal of the rule relating to "Consumer Financial Protection Circular 2024-05: Improper Overdraft Opt-In Practices"

Progress

Timeline

• Mar 18Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summary

This joint resolution would overturn a rule from the Consumer Financial Protection Bureau (CFPB) regarding bank overdraft practices. **What it does:** Uses congressional authority to disapprove and cancel a CFPB rule about "improper overdraft opt-in practices." This would essentially reverse the agency's guidance on how banks should handle customer consent for overdraft services. **Who it affects:** - Bank customers who use checking accounts - Banks and credit unions that offer overdraft protection - The CFPB's regulatory authority **What would change:** If passed, the CFPB's rule would be nullified, meaning: - The agency's specific guidance on overdraft opt-in procedures would not take effect - Banks would not need to follow the CFPB's standards outlined in that rule - Current overdraft practices would continue under existing regulations The resolution is currently in committee and would need approval from both chambers of Congress to take effect. This is part of Congress's oversight role over federal agency rulemaking.

How This Affects You