NACA in the News: House Slates CFPB Payment, Overdraft Rules For Repeal

Law360, House Slates CFPB Payment, Overdraft Rules For Repeal

The House on Wednesday voted to overturn two Biden-era Consumer Financial Protection Bureau rules aimed at increasing oversight of larger digital payment providers and curbing big-bank overdraft fees, setting the pair up for final repeal at the White House.

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Christine Hines, senior policy director at the National Association of Consumer Advocates, criticized lawmakers for reversing the CFPB rule, accusing them of folding to the largest and most powerful tech companies.

“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,” Hines said in a statement.