2025: Greg Murphy Voted To Overturn A Rule That Would Have Limited Bank Overdraft Fees To $5 And Would Have Saved Consumers About $5 Billion In Annual Fees

2025: Murphy Voted For Nullifying A CFPB Rule That Regulated Overdraft Protection Services And Capped Fees By Very Large Financial Institutions. In April 2025, Murphy voted for: “Passage of 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 resolution was passed by a vote of 217-211. [S.J. Res. 18, Vote #96, 4/9/25; CQ, 4/9/25]

• The House Voted To Overturn A Rule That Would Have Limited Bank Overdraft Fees To $5. “The House voted Wednesday to overturn a rule that would have limited bank overdraft fees to $5, following the Senate in moving to dismantle the regulation that the Biden administration had estimated would save consumers billions of dollars.” [Associated Press, 4/10/25]

The CFPB Estimated The Rule Would Have Saved Consumers About $5 Billion In Annual Overdraft Fees. “The CFPB estimated the rule would have saved consumers about $5 billion in annual overdraft fees, or $225 per household that typically experiences the fees.” [Associated Press, 4/10/25]