On May 9, 205, the ABA Banking Journal reported that President Trump had signed into law a resolution overturning the CFPB’s limits on overdraft fees. The CFPB’s overdraft rule required banks with at least $10 billion in assets to cap overdraft fees at $5 unless they voluntarily set a cap that covers their actual costs and losses or treat overdraft protection as a loan covered by the TILA.
The ABA, the Mississippi Bankers Association, and others challenged the rule in court. In March, the Senate voted in favor of a resolution to overturn the CFPB’s limit on overdraft fees. With Trump signing the resolution to overturn the rule, the CFPB cannot issue a similar rule in the future.
Read the ABA Banking Journal report here.