2025: Fitzpatrick Voted To Disapprove A CFPB Rule That Would Have
Limited Overdraft Fees To $5 And Subject Institutions That Do Not Limit
Their Fees To Lending Laws. In March 2025, Fitzpatrick voted for ,
according to Congressional Quarterly, the joint resolution that would
provide for congressional disapproval of, and nullify, a December 2024
Consumer Financial Protection Bureau rule which regulates overdraft
protection services offered by very large financial institutions,
including by capping the fees that covered institutions may charge for
the service." The vote was on passage. The House passed the resolution
by a vote of 217 to 211. [House Vote 96,
4/9/25; Congressional
Quarterly, 4/9/25; Congressional
Actions, S.J.Res.
18]
Republicans Opposed The Measure, Calling It An Example Of
"Midnight Rulemaking" While Democrats Argued It Would Decrease
Banking Costs For Low-Income Americans. According to Congressional
Quarterly, "Republican critics say the regulation is an example of
'midnight rulemaking' that the CFPB engaged in after the election
but before President Donald Trump's inauguration. Democrats defend
the rule, saying it would help reduce banking costs for low-income
savers." [Congressional Quarterly,
3/27/25]
The Cap Would Have Saved American Consumers $5 Billion
Annually. According to Congressional Quarterly, "Senate Banking
ranking member Elizabeth Warren, D-Mass., criticized Republicans for
supporting the resolution. She said the rule would save Americans
about $5 billion annually by preventing exorbitant overdraft
penalties." [Congressional Quarterly,
3/27/25]
2025: Fitzpatrick Voted Against Granting The CFPB Supervisory
Authority Over Payment Apps. In March 2025, Fitzpatrick voted for ,
according to Congressional Quarterly, "the joint resolution that would
provide for congressional disapproval of, and nullify, a December 2024
Consumer Financial Protection Bureau rule which established CFPB
supervisory authority over non-bank entities that conduct 50 million or
more digital financial transactions for consumers each year, and which
would thereby subject FinTech entities that offer payment app services
such as Apple Pay, Google Pay, PayPal and Venmo to deeper CFPB review."
The vote was on passage. The House passed the resolution by a vote of
219 to 211. [House Vote 95,
4/9/25; Congressional
Quarterly, 4/9/25; Congressional
Actions, S.J.Res.
28]