In May 2025, President Trump signed legislation using the Congressional Review Act to repeal a 2024 Consumer Financial Protection Bureau rule that would have capped bank overdraft fees at $5.
The move preserved traditional overdraft fees, which average $26 to $35 per transaction.
“All the limits and safeguards have been rolled back by this Administration,” U.S. Senator Richard Blumenthal (D-CT) said.
He has released a new report that finds the rollbacks have imposed a significant annual cost on consumers.
“$21 billion that’s the cost of rolling back rules that protect consumers,” Blumenthal said.
“The risks and costs of these rollbacks are hitting American consumers in the pocketbook,” he said.
He is introducing legislation to reinstate the CFPB rules.
“And I’m hoping we can make it bipartisan because the outrage about this $21 billion charged to consumers ought to be bipartisan,” Blumenthal said.
The rollbacks also allow banks to increase credit card late fees and block homeowners from receiving escrow interest payments.
