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House Rules hears Financial Services panel on two CRA resolutions targeting CFPB rules on overdraft fees and payment apps
Summary
A Financial Services panel testified before the Rules Committee on S.J. Res. 18 and S.J. Res. 28, Congressional Review Act measures that would nullify recent Consumer Financial Protection Bureau rules on overdraft charges and supervision of large payment apps. Republicans framed the rules as regulatory overreach that will raise costs and limit
The Rules Committee heard testimony from the Financial Services Committee on two Congressional Review Act resolutions that would overturn Consumer Financial Protection Bureau actions.
Representative Andy Barr testified in support of S.J. Res. 18 — a resolution to disapprove the CFPB’s final rule on overdraft services — and S.J. Res. 28 — a resolution to disapprove the bureau’s larger‑participant supervision rule for certain digital consumer payment applications. Barr and other GOP witnesses described the CFPB’s rules as rushed, overly broad and likely to…
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