The U.S. Financial Services Committee reported that the House of Representatives passed two Congressional Review Act resolutions to overturn Consumer Financial Protection Bureau (CFPB) rules on overdraft lending at very large financial institutions and on defining “larger participants” in the market for general-use digital consumer payment applications. S.J. Res. 18, which passed 217 to 211, disapproves the CFPB rule titled “Overdraft Lending: Very Large Financial Institutions,” described in the release as setting price caps on overdraft fees. S.J. Res. 28, which passed 219 to 211, disapproves the CFPB rule titled “Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications,” which would expand the CFPB’s examination authority across a broad range of digital payment products, including peer-to-peer apps, digital wallets, and e-commerce payment tools. The release states that S.J. Res. 18 was being sent to the President’s desk.
U.S. Financial Services Committee 2025-04-09
U.S. Financial Services Committee notes House passage of CRA resolutions to nullify CFPB overdraft fee and digital payments rules
The U.S. Financial Services Committee announced the House passed resolutions to overturn CFPB rules on overdraft lending and defining "larger participants" in digital payment markets. S.J. Res. 18 disapproves the rule on price caps for overdraft fees at very large financial institutions, while S.J. Res. 28 disapproves the rule expanding CFPB's examination authority over digital payment products. S.J. Res. 18 is being sent to the President's desk.