House votes to overturn rule limiting bank overdraft fees to $5, sending it to Trump

From Yahoo Finance: 2025-04-09 16:51:00

The House voted to overturn a rule limiting bank overdraft fees to $5, which would have saved consumers billions. Banks currently make $8 billion annually from these fees. Republicans argue the rule would have restricted access to credit, while Democrats say it would help those unable to afford the fees. The regulation, part of Biden’s effort to reduce fees, would have saved consumers $5 billion annually. Banks and banking groups sued over the rule, and Republicans voted to undo it under the Congressional Review Act. The rule was set to go into effect in October.



Read more at Yahoo Finance: House votes to overturn Biden-era rule limiting bank overdraft fees to $5, sends to Trump to sign