H.J.Res. 59: Disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions".

In December 2024, the CFPB finalized a rule for banks and credit unions with more than $10 billion in assets. Those institutions would have had three choices on overdraft: charge a flat $5, charge a fee that only covers their actual costs, or treat overdraft as credit and give you the same disclosures you get on a credit card.

The rule was set to take effect on October 1, 2025. Smaller banks and credit unions were never covered.

H.J.Res. 59 would cancel that rule entirely, leaving overdraft fees at the largest banks to be set by the banks themselves. It uses the Congressional Review Act, a fast-track process that lets Congress veto a finished agency rule with a simple majority in each chamber.

The resolution is one sentence. It adds no fee limit, no disclosure requirement, and no refunds. It also carries a lasting effect: under the Congressional Review Act, the CFPB cannot issue a substantially similar rule again unless Congress authorizes it.

Sponsors, led by House Financial Services Chairman French Hill, argue the rule was government price-setting that would push banks to drop overdraft coverage and send customers toward costlier options. Consumer groups and the CFPB's defenders argue overdraft fees fall hardest on people living paycheck to paycheck, and that a $35 charge on a small shortfall functions as a high-cost loan.