The Consumer Financial Protection Bureau’s $5 cap on bank and credit union overdraft fees finalized toward the end of the Biden administration is one step closer to elimination after the US Senate voted to repeal it.
The Senate voted 52-48 on Thursday on a measure (S. J. Res. 18) from Banking Committee Chairman Tim Scott (R-S.C.) to disapprove the CFPB’s regulation under the Congressional Review Act. Sen. Josh Hawley (R-Mo.) joined with Democrats voting against it.
“Overturning the Biden CFPB’s overdraft fee structure is good for consumers,” Scott said in remarks on the Senate floor.
The CFPB finalized its ...
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