WASHINGTON--The House Financial Services Committee has passed a resolution disapproving the CFPB’s overdraft final rule by a 30-19 vote. If enacted, the resolution would prevent the rule from going into effect using the Congressional Review Act, America's Credit Unions said.
The final rule would cap overdraft fees at $5 for financial institutions with more than $10 billion in assets. The rule’s effective date is scheduled for October but then-CFPB acting director Scott Bessent filed a motion to delay the effective date to Dec. 30.
America’s Credit Unions said it supports the Congressional efforts against the CFPB overdraft rule and applauds the resolution as it aligns with the organization’s advocacy priorities. A Senate version has also been introduced by Senate Banking Committee Chairman Tim Scott (R-SC).0
America’s Credit Unions is currently in court in a legal challenge against the rule, with 18 state leagues and associations filing a brief in support of the challenge.