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119-hjres-169119th CongressWALLET

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 "Consumer Financial Protection Circular 2024-05: Improper Overdraft Opt-In Practices".

Sponsored By: Representative Velázquez, Nydia M. [D-NY-7]

Introduced

Summary

Blocks the CFPB's withdrawal of Consumer Financial Protection Circular 2024-05 on improper overdraft opt-in practices. This resolution would nullify the CFPB rule that sought to withdraw that circular and prevent the withdrawal from taking effect.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 1 benefits, 0 costs, 0 mixed.

Keep consumer overdraft protections in place

If enacted, this resolution would disapprove the CFPB rule that withdrew Circular 2024-05, "Improper Overdraft Opt-In Practices." That would make the CFPB's withdrawal rule have no force or effect. If passed, banks and other CFPB-regulated firms would still have to follow Circular 2024-05. Deposit account holders would keep protections against improper overdraft opt-ins.

Sponsors & CoSponsors

Sponsor

Velázquez, Nydia M. [D-NY-7]

NY • D

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

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