What This Bill Does · Plain English
Summary · Congress.gov
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.
Top Winners · Companies that benefit if HJRES.59 passes
70% confidence
The bill disapproves a CFPB rule targeting 'very large financial institutions' overdraft lending; JPMorgan Chase is a very large bank likely affected by the rule. The bill prevents new restrictions on overdraft fees, benefiting such banks.
70% confidence
Bank of America is a very large financial institution that would have been subject to the CFPB overdraft rule; disapproval allows it to maintain current overdraft fee revenue.
70% confidence
Wells Fargo is a very large financial institution referenced in the rule; blocking the rule benefits its overdraft fee income.
70% confidence
Citigroup is a very large financial institution that would have been impacted by the CFPB overdraft rule; disapproval is positive for its fee income.
Top winners identified by GovGreed LLM analysis.
Action Timeline
2025-03-21
Placed on the Union Calendar, Calendar No. 16.
2025-03-21
Reported by the Committee on Financial Services. H. Rept. 119-26.
2025-03-21
Reported by the Committee on Financial Services. H. Rept. 119-26.
2025-03-05
Ordered to be Reported by the Yeas and Nays: 30 - 19.
2025-03-05
Committee Consideration and Mark-up Session Held
2025-02-13
Referred to the House Committee on Financial Services.
2025-02-13
Introduced in House
2025-02-13
Introduced in House
Frequently Asked Questions
Did HJRES.59 pass?
HJRES.59 is still alive. Current stage: REPORTED. Pass likelihood: 38%.
What does HJRES.59 do?
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.
Who sponsored HJRES.59?
HJRES.59 was sponsored by J. French Hill (R-Arkansas).
What companies benefit from HJRES.59?
Top public companies expected to benefit: JPM, BAC, WFC. Affected sectors: finance.
Full Bill Text
119 HJ 59 RH: Disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to “Overdraft Lending: Very Large Financial Institutions”. U.S. House of Representatives 2025-03-21 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. IB Union Calendar No. 16 119th CONGRESS 1st Session H. J. RES. 59 [Report No. 119–26] IN THE HOUSE OF REPRESENTATIVES February 13, 2025 Mr. Hill of Arkansas (for himself, Mr. Meuser , Mr. Ogles , Mrs. Wagner , Mr. Huizenga , Mr. Timmons , Mr. Moore of North Carolina , Mr. Haridopolos , Mr. Barr , Mr. Williams of Texas , Mr. Donalds , Ms. Salazar , Mr. Downing , Mr. Norman , and Mr. Grothman ) submitted the following joint resolution; which was referred to the Committee on Financial Services March 21, 2025 Additional sponsors: Mr. Ezell , Mr. Loudermilk , and Mr. Johnson of South Dakota March 21, 2025 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed JOINT RESOLUTION Disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to Overdraft Lending: Very Large Financial Institutions . That Congress disapproves the final rule submitted by the Bureau of Consumer Financial Protection relating to Overdraft Lending: Very Large Financial Institutions (89 Fed. Reg. 106768 (December 30, 2024)), and such rule shall have no force or effect. March 21, 2025 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed
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