US lawmakers are pushing to repeal the Consumer Financial Protection Bureau’s $5 cap on bank overdraft fees. Introduced by House and Senate banking committee chairs, the proposal aims to cancel the rule using the Congressional Review Act. The move is part of a campaign against “junk fees” initiated by the Biden administration in its final months. Critics argue that the CFPB targeted legitimate payment practices for political gains, with many consumers relying on overdraft protection to cover essential expenses.
Source: https://news.bloomberglaw.com/banking-law/gop-takes-first-step-toward-repealing-cfpb-5-overdraft-fee-cap