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ARTICLE · 14 MAY 2025

CFPB Overdraft And Digital Payment Rules Repealed By Trump Administration

Holland & Knight
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President Donald Trump on May 9, 2025, signed into law measures to eliminate two CFPB rules established under the Biden Administration.

United StatesFinance and Banking
Eamonn Moran
Eamonn Moran
Ashley Feighery
Ashley Feighery
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President Donald Trump on May 9, 2025, signed into law measures to eliminate two CFPB rules established under the Biden Administration.

The first rule repealed was the CFPB's Overdraft Rule, one aspect of the Biden Administration's attempt to eliminate "junk fees," which applies to banks and credit unions with more than $10 billion in assets, offering these financial institutions several options to manage their overdraft lending program. The Overdraft Rule was estimated to reduce bank overdraft revenue by nearly $5 billion per year.

The second rule repealed was the larger participant final rule to supervise larger nonbank companies that offer "general-use digital consumer payment applications" such as digital wallets, payment apps and peer-to-peer payment apps (Payment Apps Rule) finalized by the CFPB in November 2024.

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