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
Preserves CFPB’s overdraft opt-in protections. This bill would disapprove the CFPB rule that withdraws Consumer Financial Protection Circular 2024-05 on improper overdraft opt-in practices and keep that circular in effect.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Keeps overdraft opt-in protections for bank customers
If enacted, this resolution would block the CFPB rule that withdrew Circular 2024-05. The withdrawal rule would be declared to have no force or effect. That would keep Consumer Financial Protection Circular 2024-05 in effect and preserve CFPB limits on overdraft opt-in practices. It would take effect upon enactment and would not create new funding or programs.
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.
View on Congress.gov