Trump Signs Resolution Blocking CFPB's Overdraft Fee Limits on Big Banks
Signed Into Law
This legislation has been enacted.
217–211
Gig workers often have irregular income and are more likely to overdraft their accounts between paydays. By blocking the rule that would have capped overdraft fees at large banks, these workers will continue facing fees that can average $35 per incident, which can quickly add up when income is unpredictable. The blocked rule would have significantly reduced these costs.
Became Public Law No: 119-10.
The President signed it. This is now the law of the land.
Signed by President.
The President signed it. This is now the law of the land.
Presented to President.
Both chambers passed identical text. The President has 10 days to sign it into law or veto it.
Motion to reconsider laid on the table Agreed to without objection.
On passage Passed by the Yeas and Nays: 217 - 211 (Roll no. 96). (text: CR H1519)
On the Motion to Proceed
On the Joint Resolution
President Donald Trump officially repealed Biden-era CFPB rules capping overdraft fees at $5 for large banks. The measure, passed under the Congressional Review Act, eliminates a rule intended to slash the average $35 charge consumers face, potentially saving families $5 billion annually.
The Senate voted 52-48 to pass a Congressional Review Act resolution overturning the CFPB's overdraft rule. While Republicans argued the cap would limit consumer choice, Democrats warned that repealing the $5 cap would significantly raise costs for working families.
The House voted 217-211 to overturn the CFPB's limit on overdraft fees. Industry leaders thanked Congress for acting to ensure banks can continue offering overdraft services that consumers rely on, rather than being forced to discontinue them due to 'unlawful government price caps.'
Document Type
Congressional Bill
Official Title
A joint resolution disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions".
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