Senate votes to cancel Biden-era rule capping bank overdraft fees

The Senate voted to cancel a rule finalized under former President Joe Biden that capped overdraft fees at large banks and credit unions.

The Senate voted 52-48 on Thursday to pass the joint resolution, introduced by Banking Committee Chairman Tim Scott (R-SC), that would rescind the Consumer Financial Protection Bureau rule. The resolution passed through the Congressional Review Act, a special legislative process to bypass the filibuster, allowing a simple majority vote in both chambers to cancel regulations.