hold on there's just too much going on in Congress lmao...
Blocks agency's withdrawal of overdraft opt-in practice guidance.
Rep. Velazquez (D-NY)
In committee, no House vote yet
This bill aims to stop the Bureau of Consumer Financial Protection (CFPB) from canceling its guidance on proper overdraft opt-in practices. If passed, the CFPB's original consumer protections for agreeing to overdrafts would remain in effect. Representative Nydia Velazquez, a Democrat from New York, introduced this joint resolution, which is currently awaiting review by the House Committee on Financial Services.
Introduced Apr 30, 2026
The bill was introduced in the House of Representatives on April 30, 2026, by Representative Velazquez and then sent to the House Committee on Financial Services. It must pass both the House and Senate, and then be signed by the President to become law. Currently, it is waiting for the committee to take action.
If this resolution passes, the Bureau of Consumer Financial Protection's guidance on how banks handle overdraft opt-in practices would stay in effect. This means financial institutions might face stricter rules or more scrutiny regarding how they obtain your consent for overdraft services. For consumers, this could result in clearer information and stronger safeguards, ensuring your decision to opt into overdrafts is truly voluntary and informed.
Supporters Say
Supporters argue it protects consumers by keeping important guidance on fair overdraft opt-in practices.
Critics Say
Critics might argue it hinders banks by imposing unnecessary regulatory burdens on their overdraft offerings.
Those in favor believe this bill is essential to prevent the rollback of consumer safeguards against potentially deceptive overdraft enrollment. Opponents, likely from the banking industry, may contend that the original guidance was overly restrictive and that its withdrawal allows for more flexibility and less administrative cost.