Lawmakers voted to invalidate a rule adopted last year by the Consumer Financial Protection Bureau. It now moves to the House.

Summary:

The Senate voted Thursday to strike down a rule capping most bank overdraft fees at $5, a measure adopted late last year by the Consumer Financial Protection Bureau that had been expected to save Americans billions of dollars per year.

Senator Josh Hawley, Republican of Missouri, was the lone Republican to oppose the resolution, which passed on a nearly party-line vote, 52-48. It will now move to the House, where Representative French Hill, the Arkansas Republican who leads the Financial Service Committee, introduced a parallel resolution last month.

The rule would have limited the fees banks and credit unions could charge when customers spend more than they have in their accounts, typically $35 per overdraft. The bureau estimated it would save American households $5 billion a year. It was immediately challenged in court by banking trade groups.

Personal opinon:

Call your bank and tell them to turn off overdraft protection now.

  • jonne@infosec.pub
    503·
    5 days ago

    Surprised democrats actually held the line on this one. Are they learning?

    • TVA@thebrainbin.org
      303·
      5 days ago

      No, Republicans definitely had this in the bag. Had there been a chance it wouldn’t have gone through, at least a couple of them would have dissented and sided with the Republicans.

    • Jode@midwest.socialEnglish
      223·
      5 days ago

      Well we’ll see what happens in the senate…

      Edit: I didn’t read words correctly. Guess that insurmountable filibuster thing really isn’t worth a damn is it?

      • jonne@infosec.pub
        253·
        5 days ago

        Yeah, good point, they could’ve actually filibustered it and chose not to.

      • ryper@lemmy.caEnglish
        16·
        5 days ago

        According to this non-paywalled coverage, there are times when the filibuster doesn’t apply to repealing laws:

        The 1996 CRA gives Congress a 60-day window to repeal federal regulations with a simple majority vote in each chamber and the president’s signature. The clock resets in a new session of Congress for rules finalized toward the end of the previous congressional session.

        Republican lawmakers are also eyeing CRA measures to repeal the CFPB’s larger participant rule for digital payment companies and its ban on the use of medical debt in consumer credit reports.

        • jonne@infosec.pub
          72·
          5 days ago

          Funny how all the carveouts for the filibuster rules are all for stuff the Republicans care about: budget, appointments and apparently this regulation exception.