The House Financial Services Committee passed a resolution disapproving the CFPB’s overdraft final rule Wednesday by a 30-19 vote. If enacted, the resolution would prevent the rule from going into effect using the Congressional Review Act.

The final rule would cap overdraft fees at $5 for financial institutions with more than $10 billion in assets. The rule’s effective date is scheduled for October but then-CFPB acting director Scott Bessent filed a motion to delay the effective date to Dec. 30.

America’s Credit Unions supports the Congressional efforts against the CFPB overdraft rule and applauds the resolution as it aligns with the organization’s advocacy priorities. A Senate version has also been introduced by Senate Banking Committee Chairman Tim Scott, R-S.C.

The organization will continue to oppose the CFPB overdraft rule on multiple fronts.

America’s Credit Unions is currently in court in a legal challenge against the rule, with 18 state leagues and associations filing a brief in support of the challenge.