The Consumer Financial Protection Bureau (CFPB) Instited A $ 5 Cap on Overdraft Fees Under President Joe Biden. THANKFULLY FOR MAJOR BANKING INSTITUTIONS – and UNFORTUNATELY FOR WORKING AMERICANS – Donald Trump Won the Presidential Element Last Vinces, and with His Administration's Blessing, Republicans Just Advanced Legislands to Repeal the Cap on Overdraft Fes.
The Sente Voted 52-48 On Thursday in Favor of a Resolution from Sente Banking Committee Chairman Tim Scott (RS.C.) to Repeal the rule. Scott Had The Gall to Say that Rem'mon Rem'm the cfpb's cap on overdraft fees would be “good for consumers” While Arguing for the Resolution on the senate Floor.
Sen. Josh Hawley (R-Mo.), The Only Republican to Join Democrats in Opposition the Resolution, Disagreees. “Why would we help the big banks at the Expense of Working People?” Hawley Asked Reporters Following The Vote, for traffic lights. “I Just Don't Undersand It.”
So Does Chuck Bell, Advocacy Program Director at Consumer Reports. “The CFPB's Rule Fasce Reasonable Limits That Protect Consumers from Unfair Fees While Enabling Banks to Cover Their Costs,” he told Bloomberg. “Repealing the cfpb's overdraft fee Limits Will Hurt Working Families Who are almedy pozzling with high prices and inflation.”
The cfpb's cap on overdraft fees-Which then-director Rohit Chopra Said would save consumers $ 5 Billion a Year-Led To A Lawsuit in December From The American Bankers Association, Which Alleged the CFPB Oversted Its Authority and Claimed, Like Scott, The Cap, The Cap, The Cap, The Cap, The Cap, The Cap, The Cap, The Cap, The Cap, The Cap, The Cap, The Cap, The Cap, The Cap, The Cap, The Cap, The Cap, The Cap, The Cap. Actuary Hurts Consumers.
While Trump Campaigned on Capping Credit Card Interest Rates, His Administration Endursed Scott's Legislation. TRUMP ISN'T JUST GOING AFTER THE CAP ON OVERDRAFT FEES – IT WANTS TO APOLY Eliminate The CFPB. “CFPB RIP,” Elon Musk, whose so-hexes Department of Government Efficiency (Doge) is orchestrating the Administration's Destruction of Federal Systems That Aid Working Americans, Wrote in Febary.
Musk Acknowledged in A Subsequent Post that the CFPB “Did Above Zero Good Things,” But that it “Still Needs To Go.”
Sen. Elizabeth Warren (D-Mass.), Who Helped Create the CFPB, Spoke to Rolling Stone In febration about the Trump Administration's Efforts to Remove the Guardrails and Let Big Business Take Advantage of Americans. “Over the Past Few Years, 6.7 Million People Filed Complaints With the CFPB,” She Said. “Finally, in America, they have Someone on Their Side Where they Went Up Against a Giant Bank or a Fly-by-Night, Sleazy Leder. They Got Some Help-A Little More of A Level Playing Field. Donald Trump Wants To Take That Away From Them.”
I know do republicans in the senate. The Resolution Scrapping The Cap on Overdraft Fees Will Now Head to the Gop-Led House.
