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B-337003 Jan 21, 2025 1 (2025-01-21)

handle is hein.gao/gaorjj0001 and id is 1 raw text is: G A O U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-337003 January 21, 2025 The Honorable Tim Scott Chairman The Honorable Elizabeth Warren Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable French Hill Chairman The Honorable Maxine Waters Ranking Member Committee on Financial Services House of Representatives Subject: Consumer Financial Protection Bureau: Overdraft Lending: Very Large Financial Institutions Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Consumer Financial Protection Bureau (CFPB) entitled Overdraft Lending: Very Large Financial Institutions (RIN: 3170-AA42). We received the rule on January 8, 2025. It was published in the Federal Register on December 30, 2024. 89 Fed. Reg. 106768. The effective date of the rule is October 1, 2025. According to CFPB, this rule amends Regulations E and Z to update regulatory exceptions for overdraft credit provided by very large financial institutions, thereby ensuring that these extensions of overdraft credit adhere to consumer protections required of similarly situated products, unless the overdraft fee is a small amount that only recovers estimated costs and losses. CFPB stated that the rule allows consumers to better comparison shop across credit products and provides substantive protections that apply to other consumer credit. Enclosed is our assessment of CFPB's compliance with the procedural steps required by section 801(a)(1)(B)(i) through (iv) of title 5 with respect to the rule. If you have any questions about this report or wish to contact GAO officials responsible for the evaluation work relating to the subject matter of the rule, please contact Charlie McKiver, Assistant General Counsel, at (202) 512-5992. Shirley A. Jones Managing Associate General Counsel

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