Senate Banking Committee Chairman Tim Scott and House Financial Services Committee Chairman French Hill introduced Congressional Review Act resolutions intended to overturn the Consumer Financial Protection Bureau’s final rule capping overdraft fees at banks and credit unions. The effort is backed by a group of Republican co-sponsors in both chambers and supported by several industry bodies, including the Consumer Bankers Association, the Independent Community Bankers of America, the American Bankers Association, America’s Credit Unions, and the Bank Policy Institute. Supporters argued the rule would restrict access to overdraft services and could push some consumers toward alternative products, and several groups also challenged the CFPB’s legal authority and the rule’s consistency with longstanding regulatory treatment of overdrafts. The press release situates the resolutions alongside earlier requests by Scott and Hill for agencies to pause late-term rulemaking and notes that the CFPB finalized the overdraft rule on December 12, 2024.
U.S. Senate Committee on Banking, Housing and Urban Affairs 2025-02-13
U.S. Senate Committee on Banking, Housing and Urban Affairs leaders introduce Congressional Review Act resolutions to overturn the CFPB overdraft fee cap rule
Senate Banking Committee Chairman Tim Scott and House Financial Services Committee Chairman French Hill introduced resolutions under the Congressional Review Act to overturn the Consumer Financial Protection Bureau's rule capping overdraft fees. Supported by Republican co-sponsors and industry bodies, the resolutions argue the rule limits access to overdraft services and question the CFPB's legal authority. The CFPB finalized the rule on December 12, 2024.