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Republicans target overdraft fee cap rule as part of efforts against US CFPB

By Neil Roland ( February 13, 2025, 23:14 GMT | Comment) -- As they seek to dismantle the US Consumer Financial Protection Bureau, Republicans are also looking in the meantime to nullify at least one of the consumer watchdog’s existing rules. Republican lawmakers today led by Senate Banking Committee Chair Tim Scott and House Financial Services Committee Chair French Hill introduced resolutions to overturn the CFPB’s rule on overdraft fee caps applied to banks and credit unions with over $10 billion in assets. Scott, Hill and 25 other lawmakers invoked the Congressional Review Act, which allows Congress 60 days to roll back an agency rule.As they seek to dismantle the US Consumer Financial Protection Bureau, Republicans are also looking in the meantime to nullify at least one of the consumer watchdog’s existing rules....

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