House CRAs Target Consumer Financial Protections as Special Favors for Banks, Big Tech
WASHINGTON, D.C. – House Republicans are expected to vote today on two Congressional Review Act resolutions of disapproval. H.J. Res. 64 would strike down a U.S. Consumer Financial Protection Bureau (CFPB) rule that requires digital payment apps like Venmo and Apple Pay to be regulated under the agency’s supervisory authority, just like banks and credit unions. H.J. Res. 59 would strike down another CFPB rule that caps overdraft fees at $5 and treats overdraft fees as credit, saving households $5 billion a year. Both resolutions have already passed the Senate, and hundreds of organizations have written to Congress urging opposition to both. Bartlett Naylor, financial policy advocate for Public Citizen, released the following statement:
“Vulnerable Americans deserve protection. Overdraft fees must not be a gouging machine for mega-banks. And Big Tech shouldn’t get a free pass from basic banking laws.”