US EditionHill, Scott Lead Effort to Roll Back Biden-Era CFPB Overdraft Rule
- Congressperson French Hill and Senator Tim Scott introduced resolutions to repeal a rule that capped overdraft fees under the Biden Administration's Consumer Financial Protection Bureau .
- Both leaders claim that the overdraft rule exceeded the CFPB's authority and could harm consumers' access to essential financial services.
- Consumer Bankers Association President Lindsey Johnson and other industry leaders supported the resolutions, stating that the rule threatened millions reliant on overdraft services.
- Hill criticized the rule as government price control, while Scott noted that it could push consumers to riskier financial products.
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