The House of Representatives will vote this week on two resolutions to claw back hard-fought progress from the past four years:
H.J. Res. 59 would completely *eliminate* a popular Biden-era rule that lowered outrageous overdraft fees.
Overdraft fees target low-income people. Prior to this rule, which Public Citizen fought for, banks often charged around $35 when someone fell a few dollars short buying groceries or paying bills. The new rule would cap overdraft fees from the Big Banks at $5 instead — but some members of Congress want to undo this change!
H. J. Res. 64 would scrap another important rule that provided much-needed oversight for Big Tech companies that want to offer payment services on their platforms.
Right now, financial regulators monitor traditional banks to prevent fraud; stop unfair, deceptive, or abusive acts; and safeguard sensitive personal information. This rule says that if the Big Tech companies (Twitter/X, for example) want to offer payment services like banks, then they should be regulated like banks. But some members of Congress want to reverse the rule — which would leave customers vulnerable!
These rules were put in place to prevent Big Tech and the Big Banks from exploiting consumers. All members of Congress, regardless of their politics, should help their constituents by preserving these popular consumer protections.
CFPB CAPPED OVERDRAFT FEES WHICH HELPED AMERICAN CONSUMERS!
IF YOU'RE LIVING PAYCHECK-TO-PAYCHECK, YOU'RE STRUGGLING & SOMETIMES
INCUR OVER DRAFT FEES....SOME OF THOSE FEES WERE OUTRAGEOUS UNTIL
CFPB LIMITED THOSE FEES!
NOTICE:The CFPB’s cap on overdraft fees — which then-Director Rohit Chopra said would save consumers $5 billion a year....
$5 BILLION A YEAR!
CFPB IS THE ONLY AGENCY DEDICATED TO PROTECTING
CONSUMERS & IT'S BEING DESTROYED BY MAGA GOP &
THE MUSK-DOGh*t CLOWNS!
ADDITIONAL INFORMATION ABOUT TIM SCOTT BELOW
OVERDRAFT FEES
REPUBLICANS VOTE TO LET BANKS SCREW OVER WORKING AMERICANS
The Senate voted 52-48 to repeal a Biden-era rule capping bank and credit union overdraft fees at $5
Sen. Tim Scott (R-S.C.)TOM WILLIAMS/CQ-ROLL CALL, INC/GETTY IMAGES
The Consumer Financial Protection Bureau (CFPB) instituted a $5 cap on overdraft fees under President Joe Biden. Thankfully for major banking institutions — and unfortunately for working Americans — Donald Trump won the presidential election last November, and with his administration’s blessing, Republicans just advanced legislation to repeal the cap on overdraft fees.
The Senate voted 52-48 on Thursday in favor of a resolution from Senate Banking Committee Chairman Tim Scott (R-S.C.) to repeal the rule. Scott had the gall to say that removing the CFPB’s cap on overdraft fees would be “good for consumers” while arguing for the resolution on the Senate floor.
Sen. Josh Hawley (R-Mo.), the only Republican to join Democrats in opposing the resolution, disagrees. “Why would we help the big banks at the expense of working people?” Hawley asked reporters following the vote, per Semafor. “I just don’t understand it.”
So does Chuck Bell, advocacy program director at Consumer Reports. “The CFPB’s rule imposes reasonable limits that protect consumers from unfair fees while enabling banks to cover their costs,” he told Bloomberg. “Repealing the CFPB’s overdraft fee limits will hurt working families who are already struggling with high prices and inflation.”
The CFPB’s cap on overdraft fees — which then-Director Rohit Chopra said would save consumers $5 billion a year — led to a lawsuit in December from the American Bankers Association, which alleged the CFPB overstepped its authority and claimed, like Scott, the cap actually hurts consumers.
While Trump campaigned on capping credit card interest rates, his administration endorsed Scott’s legislation. Team Trump isn’t just going after the cap on overdraft fees — it wants to effectively eliminate the CFPB. “CFPB RIP,” Elon Musk, whose so-called Department of Government Efficiency (DOGE) is orchestrating the administration’s destruction of federal systems that aid working Americans, wrote in February.
Musk acknowledged in a subsequent post that the CFPB “did above zero good things,” but that it “still needs to go.”
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