The U.S. Senate Committee on Banking, Housing and Urban Affairs announced that the U.S. House of Representatives has passed Chairman Tim Scott’s Congressional Review Act (CRA) resolution to disapprove the Consumer Financial Protection Bureau’s (CFPB) final rule on overdraft fees, sending the measure to President Trump for signature. The Senate approved the resolution in March. The release links the CRA action to the CFPB’s finalization of the overdraft rule on December 12, 2024, and notes that Scott and House Financial Services Committee Chairman French Hill introduced CRA resolutions on February 13, 2025. It also cites support from trade groups including the Consumer Bankers Association, the Independent Community Bankers of America, the American Bankers Association, America’s Credit Unions, and the Bank Policy Institute, and references commentary and research suggesting caps could prompt banks to reduce overdraft coverage and raise other account fees. With both chambers having passed the CRA resolution, the next step is presidential action; if signed, it would overturn the CFPB’s overdraft rule.
U.S. Senate Committee on Banking, Housing and Urban Affairs 2025-04-09
U.S. Senate Committee on Banking, Housing and Urban Affairs says CRA resolution to overturn CFPB overdraft fee rule passes House and goes to President Trump
The U.S. Senate Committee on Banking, Housing and Urban Affairs announced that the U.S. House of Representatives passed Chairman Tim Scott’s Congressional Review Act resolution to disapprove the Consumer Financial Protection Bureau’s final rule on overdraft fees, sending it to President Trump for signature. Supported by major banking trade groups, the resolution aims to overturn the CFPB’s rule finalized in December 2024. If signed by the President, the rule would be nullified.