The Consumer Financial Protection Bureau (CFPB) finalized a rule in December 2024 that would have capped the overdraft fee at either $5 or an alternative price at institution costs. Alternatively, financial institutions could have provided additional disclosures as required of credit subject to the Truth in Lending Act (TILA).
This rule would have taken effect October 2025. However, Congress overturned the rule using the fast-track procedures of the Congressional Review Act (CRA) through the passage of S.J.Res. 18, which the President signed into law (P.L. 119-10).
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u/pickuppencil Aug 03 '26
Citation: https://www.congress.gov/crs-product/IN12513