House Strikes Down $5 Overdraft Fee Limit, Sending Issue to Trump

The House of Representatives on Tuesday approved resolutions striking down a $5 cap on most bank overdraft fees and overturning a rule that would have given a federal regulator greater oversight powers over payment apps run by large technology companies.The overdraft fee limit was struck down 217 to 211, with Representative Ryan Mackenzie of Pennsylvania as the lone Republican to join the Democrats’ dissent.The rule granting the government supervision over technology companies’ payment apps was overturned 219 to 211, on party-line votes, with Republicans voting to eliminate the rule and Democrats united in opposition.The Senate approved parallel resolutions last month, and the issues now head to President Trump for his signature.If Mr.Trump signs them,as is expected, the actions will vacate the two rules finalized at the tail end of the Biden administration, by the Consumer Financial Protection Bureau, which monitors lenders and enforces consumer protection laws.Lawmakers voted to eliminate the two rules through the Congressional Review Act, a 1996 law that permits lawmakers to reverse recently adopted regulations with a simple majority vote.

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