Legislative Activity

This bill disapproves and invalidates the Consumer Financial Protection Bureau's rule regarding overdraft lending practices of very large financial institutions. The rule, found in the Federal Register, is nullified by this disapproval.

The "Stop Tax Penalties on American Hostages Act of 2025" postpones tax deadlines and waives penalties for U.S. nationals held hostage or wrongfully detained abroad, including their spouses, by disregarding the period of detention when determining tax liabilities. It requires the Secretary of State and the Attorney General to identify affected individuals and inform the Secretary of the Treasury. The Secretary of the Treasury will establish a program for eligible individuals to apply for a refund or abatement of penalties and fines related to the "applicable period" from January 1, 2021, to the date this law is enacted. This ensures that those who have been held hostage or wrongfully detained are not penalized for their inability to meet tax obligations during their captivity.

This bill allocates $22,407,000 from the House of Representatives' funds to cover the expenses of the Committee on Financial Services for the 119th Congress, including staff salaries. The funds are divided into two equal amounts available for the first and second sessions of Congress. Payments will be made through vouchers authorized by the Committee and following the regulations set by the House Administration Committee.

The Small LENDER Act amends the Equal Credit Opportunity Act to ease the burden of new small business lending data collection rules. It provides financial institutions with a three-year compliance period, followed by a two-year safe harbor from penalties. The act defines "financial institution" as one originating at least 500 small business credit transactions in each of the previous two years, and "small business" as one with $1,000,000 or less in gross annual revenue.