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".
Sponsored By: Senator Chris Van Hollen
Introduced
Summary
Disapproves the CFPB's withdrawal of Consumer Financial Protection Circular 2024-05 on improper overdraft opt-in practices.
Show full summary
This joint resolution would disapprove the Bureau of Consumer Financial Protection's withdrawal of that circular and provide that the withdrawal has no force or effect.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Keeps consumer overdraft protections in place
If enacted, this resolution would disapprove the CFPB rule that withdrew Consumer Financial Protection Circular 2024-05. The circular was published at 89 Fed. Reg. 80075 on October 2, 2024. The withdrawal notice was published at 90 Fed. Reg. 20084 on May 12, 2025. The resolution would give that withdrawal no force or effect and would leave the CFPB circular in place. Bank customers who use deposit accounts would keep the circular's guidance limiting improper overdraft opt-in practices.
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Sponsors & CoSponsors
Sponsor
Chris Van Hollen
MD • D
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
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