Here is an article about the news from govinfo.gov, presented in a polite and informative tone:
Congressional Action Taken on Bureau of Consumer Financial Protection Overdraft Lending Rule
On May 15, 2025, at 4:16 PM, the official government repository, govinfo.gov, published important information regarding a congressional action concerning consumer financial protection. Specifically, the publication details Senate Joint Resolution 18 (S.J. Res. 18), titled “Disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to Overdraft Lending: Very Large Financial Institutions.”
This resolution signifies a formal step by Congress to express its disapproval of a specific rule proposed by the Bureau of Consumer Financial Protection (CFPB). The rule in question pertains to overdraft lending practices, particularly as they apply to very large financial institutions.
The Congressional Review Act (CRA) is the legislative mechanism that allows Congress to review, and potentially overturn, regulations issued by federal agencies. When an agency submits a final rule to Congress, there is a prescribed period during which Congress can consider a joint resolution of disapproval. If such a resolution is passed by both the House of Representatives and the Senate, and is signed by the President, the agency’s rule is effectively invalidated.
While the specific details of the CFPB’s overdraft lending rule and the precise arguments behind Congress’s disapproval are not fully elaborated in the title alone, the resolution indicates a policy debate surrounding how large financial institutions manage and charge for overdraft services. Overdraft fees, which are applied when a customer spends more money than they have available in their account, are a common feature of many checking accounts, and their regulation has been a subject of ongoing discussion among consumers, financial institutions, and policymakers.
The publication of S.J. Res. 18 on govinfo.gov marks a significant development in this area of consumer finance regulation. It suggests that members of Congress have reviewed the CFPB’s proposed rule and have determined that it warrants congressional intervention. Further legislative action will be required for this disapproval to become law.
This development is of considerable interest to consumers, banks, and other stakeholders in the financial sector, as it directly addresses the practices and potential costs associated with overdraft services at some of the nation’s largest financial institutions. The process of congressional review provides a transparent avenue for addressing such significant regulatory measures.
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www.govinfo.gov published ‘S.J. Res. 18 (ENR) – Disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to Overdraft Lending: Very Large Financial Institutions.’ at 2025-05-15 16:16. Please write a detailed article about this news in a polite tone with relevant information. Please reply in English with the article only.