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 the withdrawal of the rule relating to "Bulletin 2022-06: Unfair Returned Deposited Item Fee Assessment Practices"

Progress

Timeline

• Mar 26Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summary

This joint resolution would overturn a Consumer Financial Protection Bureau (CFPB) rule about bank fees on returned deposits. **What it does:** Uses Congress's authority to disapprove and cancel a recent CFPB rule that withdrew previous guidance on "unfair returned deposited item fees." **Who it affects:** Bank customers who deposit checks or other items that get returned (for example, due to insufficient funds in the original account), and the banks that charge fees for these returned items. **What would change:** If passed, this would restore the CFPB's previous guidance that limited when banks could charge fees for returned deposited items. Currently, the CFPB withdrew that guidance, potentially allowing banks more flexibility in charging such fees. This resolution would bring back the restrictions on those fee practices. The resolution essentially represents a disagreement between Congress and the CFPB about how strictly to regulate bank fees for returned deposits.

How This Affects You