The U.S. House Committee on Financial Services published a statement from Chairman French Hill after President Donald Trump signed two Congressional Review Act resolutions of disapproval into law, nullifying two Consumer Financial Protection Bureau (CFPB) rules affecting overdraft fees and oversight of digital consumer payment applications. S.J. Res. 18 disapproves the CFPB rule titled Overdraft Lending: Very Large Financial Institutions, which the committee described as an attempt to set government price caps on overdraft fees, and it passed the House 217 to 211. S.J. Res. 28 disapproves the CFPB rule titled Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications, which the committee said expanded CFPB authority over the digital payment ecosystem, and it passed the House 219 to 211.
U.S. Financial Services Committee 2025-05-10
U.S. House Committee on Financial Services chair supports President Trump signing CRA resolutions overturning CFPB overdraft and digital payments rules
The U.S. House Committee on Financial Services nullified two CFPB rules after President Trump's signing of Congressional Review Act resolutions. S.J. Res. 18 nullifies the rule on overdraft fees for large financial institutions, while S.J. Res. 28 nullifies the rule expanding CFPB authority over digital consumer payment applications. Both resolutions passed the House narrowly.