The CFPB rule would have affected financial institutions with more than $10 billion in assets. The bureau said in December that the rule, which would have stopped treating an overdraft fee as a finance charge, would have saved banking customers $5 billion a year in overdraft fees.

The federal rule would have capped bank overdraft fees at $5 and was expected to save Americans billions annually.

The House voted Wednesday to overturn a rule that would have limited bank overdraft fees to $5, following the Senate in moving to dismantle the regulation that the Biden administration had estimated would save consumers billions of dollars.