Congress Repeals Rules That Shield Americans from Financial Exploits of Big Tech, Big Banks

For immediate release

April 9, 2025

Congress Repeals Rules That Aim to Shield Americans from Financial Exploits of Big Tech Companies and Big Banks

The U.S. House today voted to repeal two Consumer Financial Protection Bureau rules, S.J. Res. 18 (217-211) and S.J. Res. 28 (219-211), that would have cut back on excessive overdraft fees and ensured some oversight over digital payment applications run by the largest technology companies.

Below is the statement of Christine Hines, Senior Policy Director at the National Association of Consumer Advocates:

“To keep up with the ever-changing consumer finance market, the Consumer Financial Protection Bureau issued a rule, which would have simply ensured that newer market players comply with existing law. But because these newer products, digital payment applications and digital wallets, are run by the largest and most powerful tech companies, our nation’s lawmakers folded and voted to reverse the rule.

The big-tech payment app rule would have protected millions of people who use apps, such as Venmo, Cash App, Apple Pay, PayPal, Google Pay, from excessive surveillance and misuse of their financial data, as well as from illegal censorship and arbitrary removal of their accounts. The CFPB should be able to oversee big-tech practices in this area to make sure they comply with the law as the banks are obligated to do.

Overturning these regulations, which provide oversight over payment apps and that rein in excessive overdraft fees, are cynical moves to suppress the rights and protections of individual Americans, while handing get out of jail free cards to big banks and tech giants.”

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The House and the Senate have now both voted to overturn the big-tech payment app rule as well as the rule to curb overdraft fees charged by the largest financial institutions. If the president signs them, the regulations will be null and void.

Groups’ letter defending big-tech payment app rule

Groups’ letter defending rule to curb excessive overdraft fees