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Trump Signs Resolutions Nullifying CFPB Rules

"Both [CFPB] rulemakings were rushed out the door in the darkness of night in the waning hours of the Biden-Harris Administration and are perfect examples of undemocratic and unjustified actions."
French Hill, Chairman House Committee on Financial Services
"Both [CFPB] rulemakings were rushed out the door in the darkness of night in the waning hours of the Biden-Harris Administration and are perfect examples of undemocratic and unjustified actions."
French Hill, Chairman House Committee on Financial Services

President Trump signed two joint resolutions passed by congress that nullified final rules adopted by the CFPB in late 2024. The final rules fell within the "lookback" period under the Congressional Review Act. 

S.J. Res. 18, titled "A joint resolution disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions," annulled a CFPB rule requiring "price caps on overdraft fees." (See related coverage.)

S.J. Res. 28, titled "A joint resolution disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications," voided a CFPB rule that "expanded its authority over the digital payment ecosystem." (See related coverage.)

 

 

Primary Sources

  1. US Congress: S.J.Res.18: A joint resolution disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions"
  2. United States House Committee on Financial Services: Press Releases: Chairman Hill Statement on President Trump Signing CRAs to Roll Back Biden-era Rules
  3. US Congress: S.J.Res.28: A joint resolution disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications"
  4. United States Senate Committee on Banking, Housing, and Urban Affairs: Majority Press Releases: President Trump Signs Chairman Scott’s Resolution Overturning Biden Overdraft Rule

Tags

Regulated Activities
Fees to Customers Payments
Regulated Entities
Other Financial Firms
Sub-Entity
Money Service Businesses
Regulated Products
Digital Assets
Body of Law
Banking Law
Jurisdiction
US - Federal
Organization
President / White House US Congress