Republicans introduced legislation to eradicate a Consumer Financial Protection Bureau (CFPB) rule that protects consumers from predatory overdraft fees, and this makes banks happy, but not the public. Pete Buttigieg brought this up on social media, and it’s true, according to the press release.
“House Financial Service Committee Chairman French Hill (R-AR) and Senate Banking Committee Chairman Tim Scott (R-SC) introduced Congressional Review Act (CRA) resolutions to overturn the Biden Administration’s Consumer Financial Protection Bureau’s (CFPB) final rule capping overdraft fees at banks and credit unions,” the release states. “The committee leaders cited the rule’s impact on access to important financial services and reiterated that lawful and contractually agreed upon payment incentives promote financial discipline and responsibility.”
Look at all those Rs:
