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

# Summary of H.J. Res. 59 **What the Bill Does** This bill would block a new Consumer Financial Protection Bureau (CFPB) rule on overdraft fees that took effect in December 2024. If passed, it would prevent the rule from becoming law. The underlying rule requires large banks to cap overdraft charges at $5 per transaction (unless they can justify a higher fee) and requires them to treat some overdrafts as credit products with standard disclosures. Currently, many large banks charge $30-35 per overdraft, making these fees a significant source of income for financial institutions. **Who It Affects** The rule primarily affects consumers who overdraw their bank accounts and the nation's largest financial institutions.

Bank customers—particularly lower-income Americans who are more likely to overdraft—would benefit from lower fees if the rule stays in place. Large banks would see reduced overdraft fee revenue if the rule remains in effect. The bill's sponsor, Rep. J. French Hill (R-AR), and supporters likely argue the rule is regulatory overreach; opponents would argue it protects consumers from excessive fees. **Current Status** The bill is currently in committee and has not yet been voted on by Congress. It was introduced as a joint resolution, which is one way Congress can overturn federal regulations under the Congressional Review Act.