NACA in the News: Senate Backs Bid To Nullify CFPB Overdraft Rule

Law360, Senate Backs Bid To Nullify CFPB Overdraft Rule

“The U.S. Senate voted Thursday to overturn a Biden-era Consumer Financial Protection Bureau rule aimed at limiting overdraft fees at large banks to $5, passing a Republican-backed measure whose U.S. House companion now awaits a vote.

The measure cleared the Republican-controlled Senate on a 52-48 vote that fell largely along party lines. Sen. Josh Hawley of Missouri, a Republican who has called for capping what banks can charge for credit cards, was the sole lawmaker to cross the aisle.

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‘The Senate denied itself the opportunity to protect struggling military families and seniors from these unwarranted junk fees,’ Christine Hines, senior policy director at the National Association of Consumer Advocates, said in a Thursday statement.”