Senate Votes to Overturn Biden-Era Overdraft Fee Cap

The resolution, which passed 52-48, now moves to the House, where its repeal would nullify the rule before its scheduled implementation in October 2025.

The Senate passed a resolution to repeal the CFPB rule capping overdraft fees at $5 for large financial institutions, using the Congressional Review Act to bypass the filibuster.
Introduced by Sen. Tim Scott (R-SC), the resolution passed 52-48, with Sen. Josh Hawley (R-MO) breaking ranks to vote against it.
The CFPB estimated the rule would save consumers $5 billion annually by limiting excessive fees, which disproportionately impact low-income households.
Republicans argue the rule represents government overreach and could threaten overdraft services, while Democrats contend its repeal benefits banks at the expense of consumers.
The resolution now heads to the House of Representatives and requires President Donald Trump's signature to become law, potentially nullifying the rule before its October 2025 implementation.