On February 13, Republican members of the U.S. House and Senate introduced a joint resolution under the Congressional Review Act (CRA) to nullify the CFPB’s final rule related to overdraft lending fees. The CFPB’s overdraft lending rule was finalized in December 2024 (as covered by InfoBytes here) and restricted the amounts that very large financial institutions (banks and credit unions with more than $10 billion in assets) may charge for overdraft services.
The CRA resolution was jointly introduced by the chairs of both the House Financial Services and Senate Banking Committees and provided that “Congress disapproves the final rule submitted by the CFPB” and that the “rule shall have no force or effect.” According to a press release, the resolution was co-sponsored by 14 House Republicans and 11 Republican senators. In that press release, the committee chairs expressed their view that the final rule constituted “midnight rulemaking” by the CFPB and included statements from several banking industry groups supporting the CRA resolution repealing the rule.
