Lawmakers voted to invalidate a rule adopted last year by the Consumer Financial Protection Bureau. It now moves to the House.

Summary:

The Senate voted Thursday to strike down a rule capping most bank overdraft fees at $5, a measure adopted late last year by the Consumer Financial Protection Bureau that had been expected to save Americans billions of dollars per year.

Senator Josh Hawley, Republican of Missouri, was the lone Republican to oppose the resolution, which passed on a nearly party-line vote, 52-48. It will now move to the House, where Representative French Hill, the Arkansas Republican who leads the Financial Service Committee, introduced a parallel resolution last month.

The rule would have limited the fees banks and credit unions could charge when customers spend more than they have in their accounts, typically $35 per overdraft. The bureau estimated it would save American households $5 billion a year. It was immediately challenged in court by banking trade groups.

Personal opinon:

Call your bank and tell them to turn off overdraft protection now.

  • skulblaka@sh.itjust.works
    2·
    3 days ago

    I’ve spent my entire life watching the “minority” Republicans successfully squash, blockade, deflect, filibuster, or poison every single bill any Democrat has ever put forward to make anyone’s life better, while simultaneously presenting and passing their own bills that make everyone’s life worse in service of their own paycheck.

    Now that the tables are turned and a similar sort of action is required of the Democrats to literally save the foundations of our democracy, they do nothing.

    That’s why.

    I’ve been a proud Democratic supporter and blue voter my entire life and I’ll continue to vote for them if I continue to not be offered better options. But I’m not happy about doing it anymore. I no longer trust the Democratic party to be a bastion against fascism and that’s just the long and short of it. The most basic showing of resistance against any of this bullshit probably would have locked in my vote for Democrats for the rest of my life, but they can’t even do that. We have Bernie Sanders and AOC doing the same things they’ve done their entire lives, and every other person is just sitting back in shock watching their office get looted and doing nothing about it.

    • CharlesDarwin@lemmy.worldEnglish
      1·
      3 days ago

      I’m with ya, but TBH, the voters showing up could have helped a lot, too. Yes the likes of Schumer are infuriating but they were not really given much power - even it it would help if they would do even half of what the likes of McTurtle did in opposition. Sure, Kamala was not perfect, and her presidency would have had its share of problems, and likely would have been mostly “status quo”.

      FFS, even if we could have kept the House and the Senate…

      In any case, under Kamala, we would not be talking about people getting kidnapped/disappeared off the streets for disagreeing with Israel or having the wrong skin color…I sure hope the supposed “leftists” that proudly sat out and are still defiant about it even now, having learned nothing (and still telling Democrats that THEY have learned nothing, lol - JFC) are happy with themselves.

      I’m sure that magical revolution they hope for from accelerationism will happen any fucking day now…things are going so swimmingly right now.