A joint resolution 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 "Consumer Financial Protection Circular 2022-06: Unanticipated Overdraft Fee Assessment Practices".
Sen. Warren Moves to Block CFPB From Dropping Protections Against Surprise Overdraft Fees
This bill is currently in the early stages of the legislative process. It was recently introduced and sent to the Senate Committee on Banking, Housing, and Urban Affairs for review. No further actions are scheduled at this time.
Legislative Progress
This type of resolution usually faces a tough path because it requires a majority in both chambers and must be signed by the president, who likely supports the agency's current direction.
Key Points
Impact Analysis
Personal Impact
Small business owners who use personal checking accounts or small business accounts subject to consumer protection rules could benefit from continued restrictions on unanticipated overdraft fees. These fees can add up quickly for businesses with high transaction volumes and tight cash flow.
Milestones
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Sent to a congressional committee for expert review. The committee decides whether this bill moves forward.
Introduced in Senate
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
News
No related news coverage found for this legislation yet.
Source Information
Document Type
Congressional Bill
Official Title
A joint resolution 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 "Consumer Financial Protection Circular 2022-06: Unanticipated Overdraft Fee Assessment Practices".
Data Sources
Sponsor
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