Overview

• The House voted 217-211 to nullify two CFPB rules: a $5 cap on overdraft fees and increased oversight of tech companies' payment services.
• The Senate previously approved the resolutions, and they now await President Trump's signature to take full effect.
• The overdraft fee cap was projected to save consumers $5 billion annually, particularly benefiting low-income households.
• Republican lawmakers argued the rules represented government overreach, claiming they would reduce consumer access to overdraft protection and emergency credit.
• The Congressional Review Act resolutions not only repeal the rules but also prevent the CFPB from enacting similar regulations in the future, weakening its oversight authority.