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

This joint resolution proposes to nullify a specific regulation issued by the Consumer Financial Protection Bureau (CFPB) regarding overdraft fees. The rule in question applies to very large financial institutions and aims to significantly lower the cost of overdrafting a bank account. Under the current CFPB rule, these large banks are required to either cap their overdraft fees at five dollars, provide a specific financial justification for a higher fee, or treat the overdraft as a line of credit subject to the Truth in Lending Act's disclosure requirements.

If this resolution were to become law, the CFPB rule would be completely overturned and would have no legal force. For everyday citizens, this means that large banks would not be required to lower their overdraft fees to the five-dollar threshold or provide the additional credit disclosures mandated by the rule. Proponents of the resolution generally argue that such regulations interfere with the free market and bank operations, while opponents of the resolution argue that blocking the rule would allow banks to continue charging high fees to consumers who accidentally overdraw their accounts.