Summary — S.J. Res. 18 (Public Law No. 119‑10)

A joint resolution disapproving the Bureau of Consumer Financial Protection’s (CFPB) final rule titled “Overdraft Lending: Very Large Financial Institutions” (89 Fed. Reg. 106768; Dec. 30, 2024). Enacted as Public Law No. 119‑10 on May 9, 2025.

Purpose

To nullify the CFPB’s final rule on overdraft lending by very large financial institutions and thereby prevent that rule from taking effect or being reissued in substantially the same form without further congressional authorization.

Key provisions

• Declares that the CFPB final rule “Overdraft Lending: Very Large Financial Institutions” (89 Fed. Reg. 106768) “shall have no force or effect.”
• Implements disapproval under the Congressional Review Act (CRA), which (if read with CRA provisions) also restricts the agency from reissuing the rule in substantially the same form absent new statutory authority.

(The joint resolution itself is short and does not amend statute beyond the CRA-enabled disapproval language.)

Who is affected

• Bureau of Consumer Financial Protection: prevented from implementing or enforcing the specified final rule and limited in reissuing it in substantially the same form under CRA constraints.
• Very large financial institutions that would have been subject to the CFPB’s overdraft rule (the rule’s text defines which institutions are covered).
• Consumers and other stakeholders who would have been affected by the substantive requirements of the CFPB rule (consumer protections, disclosure or conduct changes tied to overdraft practices).

Procedural timeline & key actions

• Introduced in Senate: Feb 13, 2025; referred to Senate Banking, Housing, and Urban Affairs.
• Senate consideration: Motion to proceed agreed Mar 26; passed Senate without amendment Mar 27 by yeas‑nays 52–48 (Record Vote 153).
• Received in House Mar 31; considered under closed rules (H. Res. 282 / H. Res. 294).
• House passage: Apr 9 by yeas‑nays 217–211 (Roll no. 96).
• Presented to President: May 5, 2025; signed into law May 9, 2025 — became Public Law No. 119‑10.

Sponsors and related measures

• Senate sponsors include Sen. Tim Scott (primary) with numerous Republican cosponsors (e.g., Jerry Moran, John Thune, Mike Lee).
• Related/companion House measures: H. Res. 282, H. Res. 294, H.J. Res. 59.

Implications / notes

• As enacted under the CRA framework, the disapproval nullifies the identified CFPB final rule and generally prevents reissuance in “substantially the same” form absent explicit congressional authorization or new rulemaking that is meaningfully different.
• The resolution does not by itself adopt alternative regulatory requirements; it preserves the pre‑rule regulatory landscape until and unless the CFPB issues a different rule or Congress acts.