Trump Signs Resolution Blocking CFPB's Overdraft Fee Limits on Big Banks
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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This legislation has been enacted.
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Trump Signs Repeals of CFPB Overdraft, Digital Payment Rules
President Donald Trump officially repealed Biden-era CFPB rules capping overdraft fees at $5 for large banks.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.
Senate votes to nullify CFPB overdraft rule
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.
House votes to reverse CFPB overdraft rule
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.'
Related Bills
3 billsDisapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions".
Mar 21 — Placed on the Union Calendar, Calendar No. 16.
Providing for consideration of the joint resolution (S.J. Res. 18) disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions''; providing for consideration of the joint resolution (S.J. Res. 28) disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to ''Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications''; providing for consideration of the bill (H.R. 1526) to amend title 28, United States Code, to limit the authority of district courts to provide injunctive relief, and for other purposes; providing for consideration of the bill (H.R. 22) to amend the National Voter Registration Act of 1993 to require proof of United States citizenship to register an individual to vote in elections for Federal office, and for other purposes; and for other purposes.
Apr 1 — Motion to reconsider laid on the table Agreed to without objection.
Providing for consideration of the joint resolution (S.J. Res. 18) disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions"; providing for consideration of the joint resolution (S.J. Res. 28) disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications"; providing for consideration of the bill (H.R. 1526) to amend title 28, United States Code, to limit the authority of district courts to provide injunctive relief, and for other purposes; providing for consideration of the bill (H.R. 22) to amend the National Voter Registration Act of 1993 to require proof of United States citizenship to register an individual to vote in elections for Federal office, and for other purposes; and for other purposes.
Apr 8 — Motion to reconsider laid on the table Agreed to without objection.
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