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.

  • Jode@midwest.socialEnglish
    223·
    4 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·
      4 days ago

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

    • ryper@lemmy.caEnglish
      16·
      4 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·
        4 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.