U.S. House Financial Services Committee Chairman French Hill and Senate Banking Committee Chairman Tim Scott introduced Congressional Review Act resolutions seeking to overturn the Consumer Financial Protection Bureau’s final rule that caps overdraft fees at banks and credit unions. The committee leaders framed the rule as restricting access to overdraft services and characterised it as a form of government price control. The House resolution was joined by multiple Republican members and the Senate resolution was co-sponsored by Republican senators. The effort is backed by the Consumer Bankers Association, the Independent Community Bankers of America, the American Bankers Association, and America’s Credit Unions, which argued the rule would reduce consumer options and access to overdraft programs, and that it exceeds the CFPB’s statutory authority, including under the Truth in Lending Act, while departing from long-standing regulatory and judicial treatment of overdrafts.
U.S. Financial Services Committee 2025-02-13
U.S. House Financial Services Committee leaders introduce CRA resolutions to overturn CFPB overdraft fee cap rule
U.S. House Financial Services Committee Chairman French Hill and Senate Banking Committee Chairman Tim Scott introduced resolutions to overturn the Consumer Financial Protection Bureau's rule capping overdraft fees at banks and credit unions. Critics label the rule as government price control and claim it restricts access to overdraft services. Several banking associations support the resolutions, arguing the rule reduces consumer options and exceeds the CFPB's statutory authority.