House Votes to Repeal Biden-Era Rule Restricting Bank Overdraft Fees

‘The Biden-era CFPB overdraft rule would harm the very consumers it’s supposed to protect,’ said Sen. Tim Scott.

The Consumer Financial Protection Bureau in Washington on Oct. 31, 2023. Madalina Vasiliu/The Epoch Times

The U.S. House voted to overturn a rule limiting the fees banks charge for overdraft services, with the measure now awaiting approval from President Donald Trump.

The rule was announced by the Consumer Financial Protection Bureau (CFPB) in December 2024 and was set to come into effect in October this year. In February, Sen. Tim Scott (R-S.C.) and Rep. French Hill (R-Ark.) introduced a resolution to overturn the overdraft fee cap.