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".
Summary
SJR169 is a joint resolution under the Congressional Review Act that would disapprove a Consumer Financial Protection Bureau rule withdrawing CFPB Circular 2022-06, which addressed “unanticipated overdraft fee assessment practices.” If enacted, the resolution would nullify the withdrawal rule and make it have no force or effect, effectively preserving the earlier CFPB guidance on overdraft fee practices.
The measure is aimed at consumer banking practices, especially bank overdraft fees and how financial institutions assess those fees when transactions are not expected. By targeting the CFPB’s withdrawal of the circular, the resolution would affect federal consumer financial regulation rather than directly changing state law. Its practical impact would be on banks, credit unions, and other covered financial institutions subject to CFPB oversight, as well as consumers who are charged overdraft fees.
Impact
The bill would not amend state statutes, but it would alter the federal regulatory landscape by using the Congressional Review Act to overturn a CFPB rule withdrawing prior guidance. If adopted, it would restore the legal effect of the earlier CFPB circular on unanticipated overdraft fee assessment practices and constrain the agency’s ability to remove that guidance. The main affected parties would be financial institutions that assess overdraft fees and consumers who may be protected by the CFPB’s position on those practices.
Sentiment
There is no recorded committee debate or vote history in the provided materials, so overall sentiment cannot be measured from formal action. Based on the bill’s sponsor and subject matter, the resolution appears to reflect a consumer-protection approach favoring continued CFPB oversight of overdraft fee practices. The absence of opposing testimony or votes in the record means no clear bipartisan or partisan sentiment can be inferred from the available context.
Contention
The central point of contention is whether the CFPB should be allowed to withdraw its overdraft-fee guidance or whether Congress should force that guidance to remain in effect. Supporters are likely to argue that the circular helps curb unfair or surprise overdraft charges and protects consumers, while opponents would likely view the resolution as an unnecessary constraint on the agency or a federal overreach into banking regulation. The dispute is therefore between consumer advocates and those favoring regulatory rollback or agency discretion.