Senate passes resolution disapproving CFPB rule on overdraft lending
/ 1 min read
Table of Contents
The Senate passed a joint resolution that overturns a specific rule issued by the Consumer Financial Protection Bureau (CFPB). This rule was intended to regulate how very large financial institutions handle overdraft lending.
Why it matters: This action stops a specific set of consumer protection rules from being applied to major banks, shifting the regulatory landscape back to how overdrafts were handled before this rule was proposed.
Who it affects
- Very large financial institutions and banks
This information comes from Congress.gov regarding an action by the Senate; check the official text of Public Law No: 119-10 before relying on it for legal or compliance decisions.
Agency: Senate
Source: Congress.gov — read the official document