The record

LegislationLegislation· May 2025
S.J.Res. 18 Signed into law

Sponsored by Tim Scott (R)

A joint resolution disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions".

Nullifies the CFPB's rule capping overdraft charges at $5 for large banks.

Tradeoff

Blocks a Consumer Financial Protection Bureau (CFPB) rule that would have limited overdraft fees at large financial institutions. Banks keep the authority to set their own overdraft charges.

What's in it

See official bill text

The Senate agreed to proceed on March 26, 2025 (52-47). The Senate passed the joint resolution on March 27, 2025 (52-48). The House passed it on April 9, 2025 (217-211). Signed into law on May 9, 2025.

  1. Senate

    Introduced

    (Feb 13, 2025)

  2. Senate

    Committee on Banking, Housing, and Urban Affairs(Feb 13, 2025)

  3. Senate

    Taken away from the Committee on Banking, Housing, and Urban Affairs

    Discharged by petition(Mar 26, 2025)

    A petition forced the committee to release the bill without acting on it.

  4. Senate

    On the

    Motion to Proceed to S.J.Res. 18

    Motion to Proceed Agreed to(Roll #152 · Mar 26, 2025)

    52 yeanay 47

  5. Senate

    On the Joint Resolution

    Joint Resolution Passed(Roll #153 · Mar 27, 2025)

    52 yeanay 48

  6. House

    Received from the Senate

    Received(Mar 31, 2025)

  7. House

    Passage of the bill

    Disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to “Overdraft Lending: Very Large Financial Institutions”

    Passed(Roll #96 · Apr 9, 2025)

    217 yeanay 211

  8. House

    Sent to the President

    (May 5, 2025)

  9. White House · Signature

    Signed

    Donald Trump (R)

  10. Enacted

    Became law(May 9, 2025)

Final passage· 119th Congress · 2025–2027