Source: The American Prospect
by Emma Janssen
“As predicted, Republicans in Congress are going after a Consumer Financial Protection Bureau (CFPB) rule that protects consumers from predatory overdraft fees that can cost hundreds of dollars a year. Lawmakers introduced a Congressional Review Act (CRA) resolution of disapproval on Wednesday that, if passed and signed by the president, will reverse the rule and hand a win to banks. Because CRA resolutions cannot by stopped by a filibuster, they represent some of the most likely legislative actions of the early Trump term. The rule under challenge places a $5 cap on the overdraft fees that banks can charge their customers, a major decrease from the typical $35 fee. In the rulemaking process, the CFPB found that some banks scheme and scam to maximize overdraft fees, setting new rules without notifying customers or even engineering the order of transactions to generate more fees.” (02/17/25)
https://prospect.org/economy/2025-02-17-banks-approve-of-republicans-increasing-bank-fees/