Passage would send the bill to the president’s desk to be signed into law
WASHINGTON, DC – The U.S. House of Representatives will vote today on S.J.Res.18, legislation that would overturn a Consumer Financial Protection Bureau rule designed to reduce the typical price of an overdraft fee at very large banks and credit unions from around $35 to an amount closer to the costs those institutions incur, $5. Since the Senate has already passed S.J. Res. 18, if the House passes the legislation, it would head to the president’s desk.
“This legislation denies working-class families relief from extremely high prices on overdraft fees charged by megabanks like Chase and Wells Fargo,” said Nadine Chabrier, senior policy counsel at the Center for Responsible Lending (CRL). “A vote against this legislation is a vote to save people living paycheck-to-paycheck hundreds of dollars every year. A vote for this legislation is a vote for price gouging.”
Chabrier added, “Adding insult to injury, enactment of this legislation would both eliminate the rule and prohibit issuance of a new rule that is in ‘substantially the same form’ as this overdraft rule.”
The House Floor vote on S.J.Res.18 was originally scheduled for April 1st, but a dispute unrelated to overdraft fees resulted in the vote being postponed to this week. That earlier dispute has been resolved, allowing for today’s vote.
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Press Contact: Matthew Kravitz matthew.kravitz@responsiblelending.org