Senate Banking Committee Chairman Tim Scott and House Financial Services Committee Chairman French Hill have introduced Congressional Review Act resolutions to overturn a Consumer Financial Protection Bureau (CFPB) rule from the Biden administration. The rule in question caps overdraft fees at banks and credit unions, a move that Scott and Hill argue impacts access to essential financial services.
Chairman Scott was supported by several senators including Mike Crapo, Roger Wicker, Jim Risch, Jerry Moran, John Boozman, Mike Rounds, Thom Tillis, Kevin Cramer, Cynthia Lummis, Bill Hagerty, Katie Boyd Britt, Pete Ricketts, and Bernie Moreno. In the House of Representatives, co-sponsors of Hill’s resolution include Bill Huizenga, Ann Wagner, Andy Barr, Roger Williams, William Timmons, Ralph Norman, Dan Meuser, Byron Donalds, Andy Ogles, Maria Salazar, Troy Downing, Mike Haridopolos, Tim Moore and Glenn Grothman.
“The Biden administration’s CFPB routinely targeted legitimate payment incentives and practices in pursuit of political headlines over sound policies," said Chairman Scott. He added that many consumers rely on overdraft services to manage their finances and limiting this practice could push them towards riskier financial products.
Chairman Hill emphasized the need for oversight on CFPB's enforcement powers. "The CFPB needs guardrails on its enforcement and rulemaking powers," he stated. He described the rule as another form of government price control that could harm consumers seeking financial protection.
The CRA has garnered support from key stakeholders such as the Consumer Bankers Association (CBA), Independent Community Bankers of America (ICBA), American Bankers Association (ABA), America's Credit Unions and the Bank Policy Institute. Lindsey Johnson from CBA criticized the CFPB's rule as an overreach threatening access to vital banking products for millions of Americans. ICBA President Rebeca Romero Rainey expressed concern about negative effects on customers relying on overdraft services due to arbitrary restrictions.
Rob Nichols from ABA urged members to support overturning what he termed a misguided rule that reverses longstanding regulatory precedent. Nichols argued it would limit consumer access to valued services while exceeding statutory authority.
In November 2024 prior communications had been made by both Chairmen urging regulators to halt rulemaking activities under the outgoing administration led by President Trump taking office soon after finalizing these rules were met with resistance leading up until December when formal opposition statements were released against Director Rohit Chopra's midnight policymaking approach regarding new regulations impacting financial institutions nationwide during transition periods between administrations politically motivated decisions impacting long-term economic stability across sectors reliant upon consistent policy frameworks provided through collaborative governance processes aimed at fostering sustainable growth opportunities benefiting diverse communities served throughout regions affected economically socio-politically complex challenges faced daily citizens globally interconnected world today more than ever before requires thoughtful deliberation among leaders entrusted public trust 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