US
Us Congress Senate Bill SJR18

Us Congress 2025-2026 Regular Session

Us Congress Senate Bill SJR18

Introduced
2/13/25  
Refer
2/13/25  

Caption

This joint resolution nullifies the final rule issued by the Consumer Financial Protection Bureau titled Overdraft Lending: Very Large Financial Institutions and published on December 30, 2024. The rule revises provisions regarding charges for insufficient funds in a customer’s bank account (i.e., overdrafts) at very large financial institutions. Under the rule, these institutions must (1) cap overdraft charges at $5; (2) with justification, cap charges at a higher amount; or (3) handle overdrafts as credit and comply with applicable Truth in Lending Act disclosure requirements.

Impact

The passage of SJR18 would effectively mean that the regulatory changes regarding overdraft lending proposed by the Bureau would not take effect. Supporters of the resolution likely argue that existing regulations should be sufficient and that the proposed caps could undermine the financial management practices of larger banks. The failure to implement these regulatory changes could have significant implications for consumers, particularly in the way that overdraft charges are applied and communicated by financial institutions.

Summary

SJR18 is a joint resolution that disapproves a rule submitted by the Bureau of Consumer Financial Protection concerning overdraft lending practices by very large financial institutions. Specifically, the resolution seeks to nullify a rule that was published on December 30, 2024, which aimed to regulate the fees charged for insufficient funds when customers overdraw their bank accounts. The key provisions of the rule included capping overdraft fees at $5, allowing for a higher charge only with justification, or treating overdrafts as credit subject to Truth in Lending Act disclosures.

Sentiment

The sentiment around SJR18 appears to be contentious, reflecting a divide between those who support deregulating overdraft practices and those advocating for stronger consumer protections. Supporters may view the resolution as a necessary safeguard against government overreach in banking, while critics might see it as a dangerous move that allows financial institutions to continue imposing high fees without sufficient oversight, ultimately affecting vulnerable consumers the most.

Contention

Notable points of contention include whether there should be a government limit on overdraft fees and whether such regulation is necessary to protect consumers from predatory banking practices. The resolution was passed closely, with a vote of 215 in favor and 211 against, reflecting significant disagreement among lawmakers on the need for consumer protection in financial services. This debate underscores a broader discussion in the legislature about the role of regulatory agencies and the balance between consumer rights and the interests of financial institutions.

Latest SJR18 Activity

Companion Bills

US HJR59

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

US HR282

Related bill Providing for consideration of the joint resolution (S.J. Res. 18) disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions''; providing for consideration of the joint resolution (S.J. Res. 28) disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to ''Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications''; providing for consideration of the bill (H.R. 1526) to amend title 28, United States Code, to limit the authority of district courts to provide injunctive relief, and for other purposes; providing for consideration of the bill (H.R. 22) to amend the National Voter Registration Act of 1993 to require proof of United States citizenship to register an individual to vote in elections for Federal office, and for other purposes; and for other purposes.

US HR294

Related bill Providing for consideration of the joint resolution (S.J. Res. 18) disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions"; providing for consideration of the joint resolution (S.J. Res. 28) disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications"; providing for consideration of the bill (H.R. 1526) to amend title 28, United States Code, to limit the authority of district courts to provide injunctive relief, and for other purposes; providing for consideration of the bill (H.R. 22) to amend the National Voter Registration Act of 1993 to require proof of United States citizenship to register an individual to vote in elections for Federal office, and for other purposes; and for other purposes.

Previously Filed As

US HCR11

Providing for a joint session of Congress to receive a message from the President.

US SJR11

This joint resolution nullifies the final rule issued by the Bureau of Ocean Energy Management (BOEM) titled Protection of Marine Archaeological Resources and published on September 3, 2024. The rule requires operators and lessees conducting oil and gas exploration or development on the Outer Continental Shelf and that are seeking BOEM approval for such activities to also provide BOEM with an archaeological report for the area of potential effects. The report must identify potential archaeological resources (material remains of human life or activities that are at least 50 years old and that are of archaeological interest) on the sea floor. The rule modified regulations that only required such a report when a BOEM regional director has reason to believe that an archaeological resource may be present in the lease area. 

US SJR28

This joint resolution nullifies the final rule issued by the Consumer Financial Protection Bureau (CFPB) titled Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications and published on December 10, 2024. The rule defines larger participants in the general-use digital consumer payment application market (i.e., payment apps) that are subject to CFPB supervisory authority. The rule defines larger participants in this market as nonbanks (1) with an annual volume of at least 50 million transactions, and (2) that are not small business concerns.

US HJR35

Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Environmental Protection Agency relating to "Waste Emissions Charge for Petroleum and Natural Gas Systems: Procedures for Facilitating Compliance, Including Netting and Exemptions".

US HJR25

Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Internal Revenue Service relating to "Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales".

US SCR1

This concurrent resolution reauthorizes the Joint Congressional Committee on Inaugural Ceremonies relating to the January 20, 2025, Presidential inauguration. The reauthorization is effective beginning January 3, 2025.The joint committee is authorized to make the necessary arrangements for the inauguration of the President-elect and the Vice President-elect of the United States, including using the Capitol rotunda and Emancipation Hall for such proceedings and ceremonies.The joint committee was established during the 118th Congress and consists of three Senators and three Members of the House of Representatives.

US SCR3

This concurrent resolution authorizes the Capitol rotunda to be used for the lying in state of the remains of Jimmy Carter, the 39th President of the United States. The lying in state shall take place from January 7, 2025, until January 9, 2025.

US SCR2

This concurrent resolution establishes the day, time, and manner for counting electoral votes for President and Vice President as January 6, 2025, at 1:00 pm. The concurrent resolution provides that the results of the count shall be delivered to the President of the Senate and entered on the journals of Congress.

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