S.J.Res. 18: A joint resolution disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions".
Sponsor
Tim Scott
Republican · SC
Bill Progress
Latest Action · May 9, 2025
Became Public Law No: 119-10.
Why it matters
This matters now because Congress is using a fast-track tool to wipe out a new federal overdraft rule before it can reshape how big banks charge customers.
Because this is a congressional disapproval resolution, the policy question is unusually blunt. Congress is not rewriting the overdraft rule here or replacing it with a narrower standard. It is deciding whether the CFPB rule survives at all. That makes this a high-stakes test of how far the new Congress wants to go in rolling back recent financial regulations.
What does S.J.Res. 18 do?
Blocks the CFPB overdraft rule
The resolution disapproves the CFPB's final rule on overdraft lending for very large financial institutions.
Makes the rule legally ineffective
If enacted, the targeted rule would have no force or effect, meaning it could not be enforced.
Targets a specific published rule
The resolution identifies the exact rule by title and Federal Register citation, covering the CFPB rule published on December 30, 2024.
Applies to the biggest banks
The underlying CFPB rule focused on very large financial institutions, so the repeal would mainly affect those banks and their overdraft programs.
Offers no replacement policy
The measure does not create a new overdraft standard or consumer protection system; it only cancels the existing rule.
Who benefits from S.J.Res. 18?
Very large financial institutions
They would avoid compliance costs, operational changes, and possible limits tied to the CFPB overdraft rule.
Bank shareholders and executives
They could benefit if repealing the rule helps preserve overdraft-related revenue and reduces regulatory burden.
Consumers who want broad overdraft access
Some customers may prefer fewer restrictions if they rely on overdraft coverage as a short-term cash cushion.
Lawmakers seeking to curb CFPB power
The resolution advances efforts to roll back recent agency rules and reassert congressional control over financial regulation.
Who is affected by S.J.Res. 18?
Bank customers who pay overdraft fees
They may lose potential protections that could have reduced or changed how overdraft charges are assessed.
Low-income and financially fragile households
These consumers are often hit hardest by repeated overdraft fees, so repeal could leave them more exposed to costly charges.
Consumer Financial Protection Bureau
The agency would see one of its recent consumer finance rules nullified, weakening its policy agenda in this area.
Community and consumer advocates
Groups pushing for stronger fee protections would face a setback if the resolution becomes law.
S.J.Res. 18 Common Questions
Can Congress overturn the CFPB overdraft rule for very large banks?
Yes. Under S.J. Res. 18 (Section 1), Congress disapproves the CFPB rule titled "Overdraft Lending: Very Large Financial Institutions," which would cancel that rule.
Does S.J. Res. 18 make the CFPB overdraft rule have no force or effect?
Yes. According to S.J. Res. 18 Section 1, the specified CFPB overdraft rule "shall have no force or effect" if the resolution is enacted.
Which CFPB overdraft rule does S.J. Res. 18 target?
It targets the CFPB final rule "Overdraft Lending: Very Large Financial Institutions" under S.J. Res. 18 (Section 1).
What is the Federal Register citation for the overdraft rule Congress is trying to cancel?
The targeted rule is listed as 89 Fed. Reg. 106768 under S.J. Res. 18 (Section 1).
When was the CFPB overdraft lending rule for very large financial institutions published?
The rule identified in S.J. Res. 18 was published on December 30, 2024, according to Section 1.
Does S.J. Res. 18 apply to small banks or only very large financial institutions?
S.J. Res. 18 targets the rule titled "Overdraft Lending: Very Large Financial Institutions," so it concerns very large institutions rather than small banks (Section 1).
Can the CFPB enforce its overdraft lending rule if S.J. Res. 18 becomes law?
No. Under S.J. Res. 18 Section 1, the disapproved overdraft rule would have no force or effect, so it could not be enforced.
Does S.J. Res. 18 create a new overdraft fee standard for big banks?
No. According to S.J. Res. 18 Section 1, it only disapproves the CFPB rule and does not create a replacement overdraft standard.
Is the overdraft rule named in S.J. Res. 18 a final rule?
Yes. S.J. Res. 18 Section 1 expressly disapproves the CFPB's final rule on overdraft lending for very large financial institutions.
Does S.J. Res. 18 repeal the CFPB rule published on December 30, 2024?
Yes. Under S.J. Res. 18 (Section 1), the CFPB rule published on December 30, 2024, is disapproved and would have no force or effect.
Based on S.J.Res. 18 bill text
SJRES18 Legislative Journey
Signed into Law
May 9, 2025
Became Public Law No: 119-10.
+3 more actions this day
Action Taken
May 5, 2025
Presented to President.
House: Passed 217-211
Apr 9, 2025
On passage Passed by the Yeas and Nays: 217 - 211 (Roll no. 96). (text: CR H1519)
+8 more actions this day
House: Committee Action
Apr 7, 2025
Rules Committee Resolution H. Res. 294 Reported to House. Rule provides for consideration of S.J. Res. 18, S.J. Res. 28, H.R. 1526 and H.R. 22. The resolution provides for consideration of H.R. 22, H.R. 1526, S.J. Res. 18, and S.J. Res. 28 under a closed rule. The resolution provides for one hour of debate on each measure and one motion to recommit on H.R. 22 and H.R. 1526, and one motion to commit on S.J. Res. 18 and S.J. Res. 28.
House: Committee Action
Apr 1, 2025
Rules Committee Resolution H. Res. 282 Reported to House. Rule provides for consideration of H.R. 22, H.R. 1526, S.J. Res. 18 and S.J. Res. 28. The resolution provides for consideration of H.R. 22, H.R. 1526, S.J. Res. 18, and S.J. Res. 28 under a closed rule. The resolution provides for one hour of debate on each measure and one motion to recommit on H.R. 22 and H.R. 1526, and one motion to commit on S.J. Res. 18 and S.J. Res. 28. The resolution also provides that H. Res. 23 and H. Res. 164 are laid on the table.
House: Action Taken
Mar 31, 2025
Held at the desk.
Passed 52-48
Mar 27, 2025
Passed Senate without amendment by Yea-Nay Vote. 52 - 48. Record Vote Number: 153. (text: CR S1884)
+2 more actions this day
Committee Action
Mar 26, 2025
Senate Committee on Banking, Housing, and Urban Affairs discharged, by petition, pursuant to 5 U.S.C. 802(c).
Committee Action
Feb 13, 2025
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
About the Sponsor
Tim Scott
Republican, SC · 15 years in Congress
Committees: Banking, Housing, and Urban Affairs, Small Business and Entrepreneurship, Finance
View full profile →
Cosponsors (16)
All 16 cosponsors are Republicans. Cosponsors represent 14 states: Alabama, Arkansas, Idaho, and 11 more.
Mike Rounds
Republican · SD
Bill Hagerty
Republican · TN
Mike Crapo
Republican · ID
Thomas Tillis
Republican · NC
Kevin Cramer
Republican · ND
Katie Britt
Republican · AL
Jerry Moran
Republican · KS
James Risch
Republican · ID
John Boozman
Republican · AR
Roger Wicker
Republican · MS
Cynthia Lummis
Republican · WY
Pete Ricketts
Republican · NE
Committee Sponsors
Banking, Housing, and Urban Affairs Committee
9 of 24 committee members cosponsored
4 Republicans across this committee haven't cosponsored yet. Mobilize their constituents
S.J.Res. 18 Quick Facts
- Committee
- Banking, Housing, and Urban Affairs
- Chamber
- Senate
- Policy
- Finance and Financial Sector
- Introduced
- Feb 13, 2025
Became Public Law No: 119-10.
May 9, 2025
Who is lobbying on S.J.Res. 18?
1 organization lobbying on this bill
CALIFORNIA AND NEVADA CREDIT UNION LEAGUES | 8 |
Showing 1-1 of 1 organizations
S.J.Res. 18 Bill Text
“Disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to “Overdraft Lending: Very Large Financial Institutions”.”
Source: U.S. Government Publishing Office
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