{"id":2416610,"date":"2025-03-27T12:42:02","date_gmt":"2025-03-27T16:42:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/senate-votes-to-cancel-biden-era-rule-capping-bank-overdraft-fees-washington-examiner\/"},"modified":"2025-03-27T12:43:21","modified_gmt":"2025-03-27T16:43:21","slug":"senate-votes-to-cancel-biden-era-rule-capping-bank-overdraft-fees-washington-examiner","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/senate-votes-to-cancel-biden-era-rule-capping-bank-overdraft-fees-washington-examiner\/","title":{"rendered":"Senate votes to cancel Biden-era rule capping bank overdraft fees &#8211; Washington Examiner"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsenate-votes-to-cancel-biden-era-rule-capping-bank-overdraft-fees-washington-examiner%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2416610&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The U.S. Senate has voted 52-48 to cancel a rule established during President Joe Biden&#8217;s administration that limited overdraft fees for large banks and credit unions.The resolution, introduced by Republican Senator Tim Scott, seeks to rescind a Consumer Financial Protection Bureau (CFPB) regulation that would cap these fees at $5, <a href=\"https:\/\/amzn.to\/3YuVZYV\">estimating potential consumer savings<\/a> of $5 billion annually. Republicans have criticized the rule as government overreach and expressed concerns about its impact on overdraft services, which they claim are vital for many consumers. Senator Scott highlighted the importance of access to banking services, especially for <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/poll-minority-voters-hit-hardest-by-inflation-some-say-they-will-vote-republican-now\/\" title=\"POLL: Minority Voters Hit Hardest By Inflation, Some Say They Will Vote Republican Now\">lower-income individuals<\/a>. While the resolution has passed in the Senate, a similar measure in the House awaits a full vote. The CFPB, often a target of Republican criticism, is currently led by an acting director.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-header-search-button-mob dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-mobile-search-icon td-icon-search\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div class=\"tdb-drop-down-search\" aria-labelledby=\"td-header-search-button\">\n<div class=\"tdb-drop-down-search-inner\">\n<form method=\"get\" class=\"tdb-search-form\" action=\"https:\/\/www.washingtonexaminer.com\/\"><\/form>\n<div class=\"tdb-aj-search\"><\/div>\n<\/div>\n<\/div>\n<p><a href=\"http:\/\/www.washingtonexaminer.com\/#\" role=\"button\" aria-label=\"Search\" class=\"tdb-head-search-btn dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-search-icon td-icon-search\"><\/i><\/a><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<h1 class=\"tdb-title-text\">Senate votes to cancel Biden-era rule capping bank overdraft fees<\/h1>\n<div><\/div>\n<div class=\"tdb-title-line\"><\/div>\n<\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div id=\"Brid_2062838\" class=\"tpd-featured-video bridtv\"><\/div>\n<p>The Senate voted to cancel a <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/rules\/\" target=\"_blank\" rel=\"noopener\" title=\"\">rule<\/a> finalized under former President <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/joe-biden\/\" target=\"_blank\" rel=\"noopener\" title=\"\">Joe Biden<\/a> that capped overdraft fees at large <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/banks\/\" target=\"_blank\" rel=\"noopener\" title=\"\">banks<\/a> and credit unions.<\/p>\n<p>The Senate voted 52-48 on Thursday to pass the joint resolution, introduced by Banking Committee Chairman Tim Scott (R-SC), that would rescind the <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/cfpb\/\" target=\"_blank\" rel=\"noopener\" title=\"\">Consumer Financial Protection Bureau<\/a> rule. The resolution passed through the <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/congressional-review-act\/\" target=\"_blank\" rel=\"noopener\" title=\"\">Congressional Review Act<\/a>, a&nbsp;special legislative process to bypass the filibuster, allowing a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/blackburn-introduces-amendments-to-counter-china-and-iran\/\" title=\"Blackburn Introduces Amendments to Counter China and Iran\">simple majority vote<\/a> in both chambers to cancel regulations.<\/p>\n<div class=\"recommended-stories\">\n<h2>Recommended Stories<\/h2>\n<ul>\n<li><a href=\"https:\/\/www.washingtonexaminer.com\/policy\/finance-and-economy\/3360100\/economy-grew-2-8-in-2024-according-to-final-estimate\/\">Economy grew 2.8% in 2024, according to final estimate<\/a><\/li>\n<li><a href=\"https:\/\/www.washingtonexaminer.com\/policy\/finance-and-economy\/3359914\/social-security-april-direct-payment-5-days\/\">April Social Security direct payment worth $967 goes out in 5 days<\/a><\/li>\n<li><a href=\"https:\/\/www.washingtonexaminer.com\/policy\/finance-and-economy\/3359953\/first-round-of-april-social-security-payments-goes-out-in-13-days\/\">First round of April Social Security payments goes out in 13 days<\/a><\/li>\n<\/ul>\n<\/div>\n<div class=\"article-paywall\">\n<p>Sen. Josh Hawley (R-MO) voted with Democrats against the measure.<\/p>\n<p>The banking industry has opposed the rule, which would cap overdraft fees at just $5 for banks and financial institutions with more than $10 billion in assets unless the institutions opt for a fee that merely covers their own costs or treat the overdraft payment as a loan. The CFPB estimated that the rule would save consumers $5 billion a year.<\/p>\n<p>Republicans have argued that the Biden-era CFPB targeted legitimate practices by banks. Republicans saw the rule as &ldquo;midnight rulemaking,&rdquo; given that it was announced in December when Biden was a lame-duck president.<\/p>\n<p>Banking advocates have argued that the rule is an example of government overreach and could threaten overdraft services, which the Consumer Bankers Association described as a &ldquo;valuable financial lifeline.&rdquo;<\/p>\n<p>&ldquo;This overdraft conversation is a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/im-so-excited-nikole-hannah-jones-of-1619-project-assumes-unc-knight-chair-in-race-and-investigative-journalism\/\" title=\"\u2018I\u2019m So Excited\u2019: Nikole Hannah-Jones Of 1619 Project Assumes UNC \u2018Knight Chair In Race And Investigative Journalism\u2019\">critically important conversation<\/a> if you are like me, a guy who grew up in poverty, a single-parent household, who understands the difficulty, the challenge, of single moms making those ends meet,&rdquo; Scott said on the Senate floor. &ldquo;I want every single hardworking American to have access to our financial system.&rdquo;<\/p>\n<p>The Trump administration has worked to limit the power of the CFPB, which is now being led on an acting basis by Russ Vought, who concurrently serves as director of the Office of Management and Budget. Republicans have long opposed the CFPB.<\/p>\n<p>House Financial Services Chairman French Hill (R-AR) introduced the companion resolution in the House, although it hasn&rsquo;t yet received a full floor vote.<\/p>\n<p><strong><a href=\"https:\/\/www.washingtonexaminer.com\/policy\/finance-and-economy\/3355863\/stagflation-chatter-dogs-trump-agenda\/\" target=\"_blank\" rel=\"noreferrer noopener\">STAGFLATION CHATTER DOGS TRUMP AGENDA<\/a><\/strong><\/p>\n<p>In a statement, Hill blasted the CFPB under Biden, which was run by Rohit Chopra, an acolyte of Sen. Elizabeth Warren (D-MA), who is a major opponent of the banking industry.<\/p>\n<p>&ldquo;As I have consistently said, the CFPB needs guardrails on its enforcement and rulemaking powers, and this rule is another clear example of why,&rdquo; Hill said. &ldquo;The CFPB&rsquo;s actions on overdraft is another form of government price controls that hurt consumers who deserve financial protections and greater choice.&rdquo;<\/p>\n<\/div>\n<p> <script data-cfasync=\"false\" src=\"http:\/\/www.washingtonexaminer.com\/cdn-cgi\/scripts\/5c5dd728\/cloudflare-static\/email-decode.min.js\"><\/script><script>!function(){var g=window;g.googletag=g.googletag||{},g.googletag.cmd=g.googletag.cmd||[],g.googletag.cmd.push(function(){g.googletag.pubads().setTargeting(\"has-featured-video\",\"true\")})}();<\/script><script>var _bp=_bp||[];_bp.push({\"div\":\"Brid_2062838\",\"obj\":{\"id\":\"27789\",\"width\":\"1280\",\"height\":\"720\",\"stickyDirection\":\"below\",\"video\":\"2062838\"}});<\/script><script defer src=\"https:\/\/services.brid.tv\/player\/build\/brid.min.js\"><\/script><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Senate votes to repeal Biden&#8217;s cap on bank overdraft fees<\/p>\n","protected":false},"author":3360,"featured_media":2416613,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2025\/03\/cfpb-rule-cra.webp","fifu_image_alt":"","footnotes":""},"categories":[33651,538],"tags":[52305,3620,3740],"class_list":["post-2416610","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-western-journal","category-washington-examiner","tag-bank-overdraft-fees","tag-biden","tag-senate"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2025\/03\/cfpb-rule-cra.webp","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2416610","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/3360"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2416610"}],"version-history":[{"count":3,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2416610\/revisions"}],"predecessor-version":[{"id":2416615,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2416610\/revisions\/2416615"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2416613"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2416610"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2416610"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2416610"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}