Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to the withdrawal of the rule relating to "Bulletin 2022-06: Unfair Returned Deposited Item Fee Assessment Practices".

Key Points

• This resolution aims to stop a government rule that would have removed protections for bank customers. It specifically targets a decision to withdraw guidance that labeled certain bank fees as unfair.
• The fees in question are charged when you deposit a check that later bounces. Even though it is not your fault the other person had no money, many banks charge you a fee for the returned item. This policy wants to keep the rules that discourage banks from doing this.
• If this resolution passes, the government would be forced to keep its previous stance that these fees are often unfair to consumers. This would make it harder for banks to restart or increase these charges on everyday people.
• This action is part of a larger debate over how much power agencies have to change rules without input from Congress. By using this specific type of resolution, lawmakers are trying to directly cancel an agency's decision.

Impact Analysis

Govbase has not yet run an impact analysis on this legislation.