Who Stands With Americans?S.J.Res. 18 · 119th Congress
Repeal of the $5 overdraft cap
Disapproving the CFPB rule capping overdraft fees
What it does
Repealed the Consumer Financial Protection Bureau rule limiting big-bank overdraft fees to about $5, which had been expected to save households around $5 billion a year.
Outcome
Signed into law on May 9, 2025. The overdraft cap never took effect.
The test
| Pillar | Question | Answer | Why |
|---|---|---|---|
| Economy | Who gets the money or the tax break? | Hurts Americans | Preserves an estimated $5 billion a year in fee revenue for the largest banks. |
| Economy | Who lobbied for it, and who against? | Hurts Americans | Pushed by the American Bankers Association and Consumer Bankers Association; opposed by consumer groups. |
| Everyday life | Does it lower or raise what Americans pay directly? | Hurts Americans | Keeps overdraft fees near $35 instead of about $5. |
Votes counted: Senate 52–48 on Mar 27, 2025 · House 217–211 on Apr 9, 2025.