House Committee Advances Resolution to Overturn CFPB Overdraft Rule
Posted: Mar 12 2025
The House Financial Services Committee has voted to advance a joint resolution to invalidate the CFPB’s final rule on overdraft protection.
The CFPB rule requires banks with at least $10 billion in assets to cap overdraft fees at $5 unless they voluntarily set a cap that covers their actual costs and losses or treat overdraft protection as a loan covered by the Truth in Lending Act. H.J. Res. 59 would overturn the rule if adopted by both the House and Senate and signed by President Trump. The resolution was introduced in the House by committee Chairman French Hill (R-Ark.) with Senate Banking Committee Chairman Tim Scott (R-S.C.) sponsoring the resolution in the Senate.