Very large banks do not have to follow the CFPB’s canceled overdraft rule. The rule has no legal effect, and the agency is generally blocked from making a very similar rule unless Congress allows it.
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A joint resolution disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions". is a Senate bill signed into law. The latest recorded action: Became Public Law No: 119-10.
Latest action on S.J.Res. 18: Became Public Law No: 119-10.
Who this affects: This bill mainly affects very large banks and similar financial institutions that would have had to follow the CFPB overdraft rule. It also affects consumers with accounts at those institutions, because the canceled rule may have changed overdraft fees or practices. The CFPB is affected too, because it cannot enforce this rule and is generally limited from issuing a very similar one without Congress.
Why this matters: This matters because overdraft fees can affect many checking account customers, and this law stops a new federal rule for very large banks. Banks covered by the rule avoid a new set of CFPB requirements. Consumers will not see the changes that rule would have made, though this law does not say exactly what those changes were. It also matters because Congress used a tool that can block the agency from trying again with a very similar rule.
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