House and Senate Committee leaders introduced a resolution Thursday to nullify the CFPB’s overdraft rule using the Congressional Review Act. Senate Banking Committee Chairman Tim Scott, R-S.C. introduced the Senate version, while House Financial Services Committee Chairman French Hill, R-Ark., introduced it in the House. America’s Credit Unions believes the overdraft rule will deprive consumers of a regulated service that members opt-in to use.

“We thank Chairman Scott and Chairman Hill for taking action against the CFPB’s misguided rule,” said Carrie Hunt, America’s Credit Unions chief advocacy officer. “We support this resolution, and all measures to repeal this rule that will ultimately harm consumers, and continue to fight against it on multiple fronts.”

The CFPB finalized the rule in December, capping overdraft fees at $5 for financial institutions with more than $10 billion in assets. America’s Credit Unions filed a legal challenge the same day seeking to overturn the rule, and 18 states leagues and associations filed a brief in support of the challenge.

The bureau—under then-Acting Director Scott Bessent—filed a motion last week to delay the rule’s effective date until Dec. 30 (90 days past the current effective date).