Overdrafts

Congressional Review Act resolutions to nullify the Consumer Financial Protection Bureau's overdraft and larger participant rules now go to President Trump for his signature.

A group of 24 state attorneys general Wednesday called on House members to reject a Senate-passed Congressional Review Act resolution repealing the Consumer Financial Protection Bureau's overdraft cap.

The Senate voted 52-48 to overturn the Consumer Financial Protection Bureau's rule that would cap overdraft fees at many banks at $5.

Americans spent 49% more on overdraft-related fees in 2023 than previously estimated, according to new research, which finds that credit unions were largely responsible for the previously uncounted revenue.

A pair of Congressional Review Act resolutions directed at the Consumer Financial Protection Bureau's overdraft and larger participant rules are expected to make it to President Donald Trump's desk.

Consumer advocates MyPath and the Mississippi Center for Justice have been allowed to intervene in a banking industry lawsuit challenging the CFPB's $5 overdraft fee cap for large financial institutions after the bureau declined to defend the rule.

The heads of both the House and Senate banking committees introduced a Congressional Review Act resolution to undo the Consumer Financial Protection Bureau's overdraft rule, a measure that only needs a simple majority in both chambers to pass.

The House Financial Services Committee released a draft resolution under the Congressional Review Act to cancel the Consumer Financial Protections Bureau's rule limiting bank overdrafts to $5 in most cases.

The Michigan-based institution lowered overdraft and nonsufficient fund fees to 99 cents amid a torrent of regulatory rulemaking and action related to overdraft.

The New York Department of Financial Services has proposed several changes to overdraft fees including banning banks from charging more than three overdraft or nonsufficient funds fees per consumer per day.