- Harrigan opposed a Consumer Financial Protection Bureau rule capping overdraft fees.
2025: Harrigan 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, Harrigan 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]