The Consumer Financial Protection Bureau’s $5 cap on overdraft fees, adopted in the waning days of the Biden administration, is poised for repeal after a House vote.
The House voted 217-211 on Wednesday to clear a measure (S. J. Res. 18) that rescinds the CFPB’s rule under the Congressional Review Act. The House vote comes after the US Senate voted on March 27 to repeal the rule, and the resolution will head to President Donald Trump’s desk for signature.
House Financial Services Committee Chairman French Hill (R-Ark.) and Senate Banking Committee Chairman Tim Scott (R-S.C.) led the effort ...