Sen. Chuck Schumer ripped a Republican plan to lift overdraft charges at banks on Sunday forward of an important Home vote coming this week.
The plan is a part of Republicans’ wide-ranging assault on the Client Finance Safety Bureau, which enacted a rule in December 2024 that functionally capped overdraft charges at $5. It estimated the brand new rule would save the general public $5 billion per 12 months.
Final week, the Senate handed a decision to overturn that rule, and the Home is scheduled to vote Tuesday by itself decision. Earlier than the CFPB’s new rule, overdraft charges averaged $35.
“The CFPB’s rule is about protecting hard-working families, not charging them more,” Schumer (D-N.Y.) stated Sunday. “I urge my GOP colleagues to reverse course here and reject overturning this overdraft rule to put money back in people’s pockets and out of the hands of big predatory banks.”
One Republican senator, Josh Hawley of Missouri, joined Democrats in voting towards the Senate measure, however it nonetheless handed 52-48. Republicans at present maintain a 218-213 majority within the Home, with 4 seats sitting vacant.
The CFPB was created within the aftermath of the 2008 monetary disaster with the concept of serving to on a regular basis Individuals however it has lengthy been loathed by Republicans. The Trump administration has focused the company for cuts and ex-director Rohit Chopra was fired lower than two weeks into Trump’s second time period.
“Show me a politician that wants to run an ad on increasing all your bank fees,” Schumer stated Sunday. “Watch them try to run away from this issue, while siding with big banks over families.”
