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Senate overturns rule capping bank overdraft fees

The Senate voted 52-48 on Thursday to overturn a Consumer Financial Protection Bureau rule capping the overdraft fees that banks can charge. The resolution under the Congressional Review Act now heads to the House, where the Financial Services Committee approved a companion bill on a 30-19 vote earlier this month. CRAs both invalidate regulations and preclude future administrations from introducing “substantially similar” proposals. 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 $5bn a year. The American Bankers Association, a plaintiff in the lawsuit, praised the Senate’s action; Rob Nichols, its chief executive, said that the rule would, if implemented drive Americans "to less regulated and higher risk non-bank lenders to cover unexpected or emergency expenses." Consumer Reports advocacy program director Chuck Bell said that repealing the law "will hurt working families who are already struggling with high prices and inflation."

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