The House of Representatives on Wednesday approved the resolutions that achieve a maximum of $ 5 in most of the bank’s overdue fees and overturning a rule that would give a federal regulatory authority greater supervision of payments in charge of payments run by large technology companies.
The overdraft fee was hit below 217 to 211, with Pennsylvania’s Ryan Mackenzie spokesman, the lonely Republican to join the Democrats.
The rule that granted government supervision of the payment applications of technology companies was overthrown 219 to 211, with Republicans voting to eliminate the rule and democrats were united.
The Senate also approved resolutions last month, so they are now heading to President Trump for his signature.
If Mr Trump signs them, as expected, the actions will evacuate two rules that have finally become the end of the Biden administration by the Financial Consumer Protection Office, which monitors lenders and enforce consumer protection laws.
Legislators voted to eliminate the two rules through the Congress review law, a 1996 law that allows legislators to recently reverses the regulations by simple majority.
Bank trade groups celebrated the forthcoming collapse of the overdue remuneration threshold, which was scheduled to enter into force in October. These groups have argued that over -class fees would cause many lenders to stop offering the service, which allows bank customers to make cash, even if there are not enough funds in their account. However, banks charge fees for this convenience.
The elimination of the remuneration limit will be “a major victory for millions of Americans – especially one in five without access to credit – based on overdraft services to pay for the necessary and to cover emergency costs,” said Lindsey Johnson, a managing director.
The Consumer Office estimates that the remuneration threshold, which is applied only to large banks and credit associations with assets of more than $ 10 billion, would have saved US households $ 5 billion a year, reducing more than $ 5 billion.
“Congress has just made America more expensive for those who are struggling to get them beyond the extremes,” said Adam Rust, a Consumer Federation Director for the US Consumer Federation, a defense team. “The piece has come before common sense.”
The House also approved a resolution, which passed to the Senate last month, to eliminate a Consumer Bureau Rule, giving the Agency Supervisory Authority in digital wallets and payment applications governed by large technology companies, including Apple, Google, Meta and Paypal.
The Consumer Office already has power in such systems if they execute consumer protection laws, but supervisory supervision will give it more visibility to the functions of the payment products of technology companies.
This put the office in a conflict lesson with Elon Musk, who works to add a payment system to X, the social media platform. The Efficiency Team of the Ministry of Government, Mr Musk, which is not an official executive, made the consumer office one of its first goals, moving quickly to access the organization’s IT systems and helping Trump’s management efforts to disassemble the organization.
The Consumer Bureau has been attacked by Mr Trump and his allies, who have tried to slap his businesses and trigger almost all his employees. A federal court issued a mandate that allowed the Agency to operate with reduced capacity.
Republican controlled Congress and Mr Trump have already used the Congress review law twice this year to eliminate the rules adopted by Biden’s administration. The President canceled two environmental restrictions, according to a monitoring database held by the Progressive Reform Center, a defense team.
The rules overturned through the law cannot later be replaced by future administrations, with similar rules. Trump’s first administration used it to eliminate the 16 rules of the Obama era, and Mr Biden eliminated three of Mr Trump’s actions, the Congress Research Service said.
