The House voted to cancel a rule finalized under former President Joe Biden that capped overdraft fees at large banks and credit unions, sending it to President Donald Trump for final approval.
The House voted 217-211 on Tuesday to pass the joint resolution, introduced by House Financial Service Committee Chairman French Hill (R-AR), that would rescind the Consumer Financial Protection Bureau rule. The resolution passed through the Congressional Review Act, a unique legislative process to bypass the filibuster and allow a simple majority vote in both chambers to cancel regulations.
The Senate already voted 52-48 to pass the legislation, which means it is now up to Trump whether to approve the measure. Notably, populist Sen. Josh Hawley (R-MO) voted with Democrats to keep the rule in place.
“As I have consistently said, the CFPB needs guardrails
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