House Committee adopts resolution to nullify CFPB overdraft rule

The House Financial Services Committee on March 5 took the first step toward repealing the CFPB’s overdraft rule, adopting a resolution under the Congressional Review Act.

The resolution, H. J. Res 59, sponsored by committee Chairman Rep. French Hill, R-Ark., was adopted, 30-19. The resolution simply repeals the overdraft rule.

As we previously noted, it now goes to the House floor, where it can be adopted by a simple majority. Senate Banking Committee Chairman Sen. Tim Scott, R-S.C. has introduced the resolution in the Senate, where it may be adopted by a simple majority without the threat of a filibuster. It then would go to President Trump for his signature.