US EditionTrump signs rollbacks of Biden-era overdraft, digital wallet rules
- On May 9, 2025, President Trump signed rollbacks eliminating two Biden-era consumer financial protection rules affecting overdraft fees and digital payments in the U.S.
- These rollbacks respond to the Biden administration's December rule that capped overdraft fees and expanded CFPB oversight of big tech payment services, which critics argued restricted access and raised costs.
- Senator Tim Scott led the congressional effort to overturn the rule, claiming it harmed consumers by limiting credit access and increasing unbanked Americans, with Trump's full support.
- Scott argued that the rule would have limited availability of credit, and Penny Lee of the Financial Technology Association commended Trump for standing against excessive regulation.
- The rollbacks restore banks' freedom to impose overdraft fees without limits and curtail CFPB's power over digital payment firms, signaling a broader reduction of agency regulations and consumer safeguards.
6 Articles
6 Articles
Banks Cheer as Trump Scraps Overdraft Fee Limits, Leaving Consumers Paying More
Banks just got a big win—at your expense. On Friday, President Donald Trump signed off on two rollbacks that kill key consumer protections created during the final stretch of the Biden administration. One of those rules would have capped overdraft fees at $5. The other aimed to regulate tech giants like Apple and PayPal offering digital wallets. Now, banks are free to charge whatever they want for overdrafts again. The rule Trump eliminated was …
Trump signs rollbacks of Biden-era overdraft, digital wallet rules
President Trump signed two congressional rollbacks of Biden-era rules from the Consumer Financial Protection Bureau (CFPB) that sought to cap overdraft fees and ramp up oversight of digital wallets. The two rules were finalized in the last few months of the Biden administration, leaving them vulnerable to the lookback provision of the Congressional Review…
LexBlog
Consumer Finance MonitorTrump signs resolution nullifying CFPB overdraft rule
President Trump has signed a Congressional Review Act (CRA) resolution nullifying the CFPB’s controversial overdraft rule. The rule was issued by the Biden Administration and had attracted opposition from Republicans on Capitol Hill and Trump Administration officials. House and Senate Republicans pushed a CRA resolution through Congress, which Trump has now signed, voiding the rule. If it had been allowed to go into effect as issued, the rule wo…
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