Overturning CFPB Overdraft Fee Rule
A joint resolution disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions".
Signed into law May 9, 2025 · Finance and Financial Sector
What this law does
- Cancels a Consumer Financial Protection Bureau rule, published December 30, 2024, on overdraft charges at very large banks and financial institutions.
- That rule would have capped overdraft fees at $5, allowed a higher justified cap, or required treating overdrafts as loans with lending disclosures.
Plain-language list by Voting On, based only on the official summary by the nonpartisan Congressional Research Service and the bill's titles. Read the official summary.
How it became law
- IntroducedFeb 13, 2025 · Senate
- 42 daysPassed SenateMar 27, 2025
- 13 daysPassed HouseApr 9, 2025
- 26 daysPresented to the PresidentMay 5, 2025
- 4 daysSigned into lawMay 9, 2025
Official summary
This joint resolution nullifies the final rule issued by the Consumer Financial Protection Bureau titled Overdraft Lending: Very Large Financial Institutions and published on December 30, 2024. The rule revises provisions regarding charges for insufficient funds in a customer’s bank account (i.e., overdrafts) at very large financial institutions. Under the rule, these institutions must (1) cap overdraft charges at $5; (2) with justification, cap charges at a higher amount; or (3) handle overdrafts as credit and comply with applicable Truth in Lending Act disclosure requirements.
Summary by the nonpartisan Congressional Research Service (Public Law, May 9, 2025).
Who wrote it
Sponsor: Sen. Scott, Tim [R-SC]
16 cosponsors: 16 Republicans. 13 signed on the day it was introduced, 3 joined later.
Show all cosponsors
| Cosponsor | Signed on | |
|---|---|---|
| Sen. Rounds, Mike [R-SD] | Feb 13, 2025 | Original cosponsor |
| Sen. Hagerty, Bill [R-TN] | Feb 13, 2025 | Original cosponsor |
| Sen. Crapo, Mike [R-ID] | Feb 13, 2025 | Original cosponsor |
| Sen. Tillis, Thomas [R-NC] | Feb 13, 2025 | Original cosponsor |
| Sen. Cramer, Kevin [R-ND] | Feb 13, 2025 | Original cosponsor |
| Sen. Britt, Katie Boyd [R-AL] | Feb 13, 2025 | Original cosponsor |
| Sen. Moran, Jerry [R-KS] | Feb 13, 2025 | Original cosponsor |
| Sen. Risch, James E. [R-ID] | Feb 13, 2025 | Original cosponsor |
| Sen. Boozman, John [R-AR] | Feb 13, 2025 | Original cosponsor |
| Sen. Wicker, Roger F. [R-MS] | Feb 13, 2025 | Original cosponsor |
| Sen. Lummis, Cynthia M. [R-WY] | Feb 13, 2025 | Original cosponsor |
| Sen. Ricketts, Pete [R-NE] | Feb 13, 2025 | Original cosponsor |
| Sen. Moreno, Bernie [R-OH] | Feb 13, 2025 | Original cosponsor |
| Sen. Lee, Mike [R-UT] | Feb 19, 2025 | |
| Sen. Daines, Steve [R-MT] | Mar 4, 2025 | |
| Sen. Thune, John [R-SD] | Mar 12, 2025 |
Recorded votes
| Date | Chamber | Vote | Yeas | Nays |
|---|---|---|---|---|
| Mar 26, 2025 | Senate | Motion to proceed to consideration of measure agreed to in Senate by Yea-Nay Vote. 52 - 47. Record Vote Number: 152. | 52 | 47 |
| Mar 27, 2025 | Senate | Passed Senate without amendment by Yea-Nay Vote. 52 - 48. Record Vote Number: 153. | 52 | 48 |
| Apr 9, 2025 | House | On passage Passed by the Yeas and Nays: 217 - 211 (Roll no. 96). | 217 | 211 |
What was added
Amendments adopted (0)
No floor amendments were adopted. Any changes were made in committee or in a later version of the bill.
Sections in the final law that were not in the first version (Introduced in Senate) (0)
None. Every section heading in the final law was already in the first version (Introduced in Senate).
What was removed
Sections in the first version (Introduced in Senate) that did not make it into the law (0)
None. Every section heading from the first version (Introduced in Senate) remains in the law.
Compared by section heading between the Introduced in Senate text (Feb 13, 2025) and the Enrolled Bill text, both from GovInfo. Wording changes inside a section that kept its heading are not shown here; see the amendments and the text versions.
Proposed but not adopted
No amendments were voted down or withdrawn.
Full action history
Show all 30 official actions
| May 9, 2025 | Signed by President. |
| May 9, 2025 | Signed by President. |
| May 9, 2025 | Became Public Law No: 119-10. |
| May 9, 2025 | Became Public Law No: 119-10. |
| May 5, 2025 | Presented to President. |
| May 5, 2025 | Presented to President. |
| Apr 9, 2025 | Motion to reconsider laid on the table Agreed to without objection. |
| Apr 9, 2025 | Passed/agreed to in House: On passage Passed by the Yeas and Nays: 217 - 211 (Roll no. 96). (text: CR H1519: 1) |
| Apr 9, 2025 | On passage Passed by the Yeas and Nays: 217 - 211 (Roll no. 96). (text: CR H1519) |
| Apr 9, 2025 | Considered as unfinished business. (consideration: CR H1533) |
| Apr 9, 2025 | POSTPONED PROCEEDINGS - At the conclusion of debate on S.J. Res. 18, the Chair put the question on passage of the joint resolution and by voice vote, announced that the ayes had prevailed. Mr. Hill (AR) demanded the yeas and nays and the Chair postponed further proceedings until a time to be announced. |
| Apr 9, 2025 | The previous question was ordered pursuant to the rule. |
| Apr 9, 2025 | DEBATE - The House proceeded with one hour of debate on S.J. Res. 18. |
| Apr 9, 2025 | Rule provides for consideration of S.J. Res. 18, S.J. Res. 28, H.R. 1526 and H.R. 22. The resolution provides for consideration of H.R. 22, H.R. 1526, S.J. Res. 18, and S.J. Res. 28 under a closed rule. The resolution provides for one hour of debate on each measure and one motion to recommit on H.R. 22 and H.R. 1526, and one motion to commit on S.J. Res. 18 and S.J. Res. 28. |
| Apr 9, 2025 | Considered under the provisions of rule H. Res. 294. (consideration: CR H1519-1525) |
| Apr 7, 2025 | Rules Committee Resolution H. Res. 294 Reported to House. Rule provides for consideration of S.J. Res. 18, S.J. Res. 28, H.R. 1526 and H.R. 22. The resolution provides for consideration of H.R. 22, H.R. 1526, S.J. Res. 18, and S.J. Res. 28 under a closed rule. The resolution provides for one hour of debate on each measure and one motion to recommit on H.R. 22 and H.R. 1526, and one motion to commit on S.J. Res. 18 and S.J. Res. 28. |
| Apr 1, 2025 | Rules Committee Resolution H. Res. 282 Reported to House. Rule provides for consideration of H.R. 22, H.R. 1526, S.J. Res. 18 and S.J. Res. 28. The resolution provides for consideration of H.R. 22, H.R. 1526, S.J. Res. 18, and S.J. Res. 28 under a closed rule. The resolution provides for one hour of debate on each measure and one motion to recommit on H.R. 22 and H.R. 1526, and one motion to commit on S.J. Res. 18 and S.J. Res. 28. The resolution also provides that H. Res. 23 and H. Res. 164 are laid on the table. |
| Mar 31, 2025 | Held at the desk. |
| Mar 31, 2025 | Received in the House. |
| Mar 31, 2025 | Message on Senate action sent to the House. |
| Mar 27, 2025 | Considered by Senate. (consideration: CR S1879, S1884) |
| Mar 27, 2025 | Passed/agreed to in Senate: Passed Senate without amendment by Yea-Nay Vote. 52 - 48. Record Vote Number: 153. |
| Mar 27, 2025 | Passed Senate without amendment by Yea-Nay Vote. 52 - 48. Record Vote Number: 153. (text: CR S1884) |
| Mar 26, 2025 | Senate Committee on Banking, Housing, and Urban Affairs discharged, by petition, pursuant to 5 U.S.C. 802(c). |
| Mar 26, 2025 | Senate Committee on Banking, Housing, and Urban Affairs discharged, by petition, pursuant to 5 U.S.C. 802(c). |
| Mar 26, 2025 | Placed on Senate Legislative Calendar under General Orders. Calendar No. 34. |
| Mar 26, 2025 | Motion to proceed to consideration of measure agreed to in Senate by Yea-Nay Vote. 52 - 47. Record Vote Number: 152. |
| Mar 26, 2025 | Measure laid before Senate by motion. (consideration: CR S1864) |
| Feb 13, 2025 | Introduced in Senate |
| Feb 13, 2025 | Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. |
Sources: Congress.gov (bill record, sponsors, actions, amendments, CRS summary) and GovInfo (official text). Days are calendar days.