House votes to scrap Biden-era consumer finance rules

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House votes to scrap Biden-era consumer finance rules

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House votes to scrap Biden-era consumer finance rules

//business-finance.news-articles.net/content/202 .. s-to-scrap-biden-era-consumer-finance-rules.html

Published in Business and Finance on Wednesday, April 9th 2025 at 17:20 GMT by Reuters

The Republican-controlled U.S. House of Representatives on Wednesday voted to scrap two consumer finance rules adopted under former President Joe Biden that capped bank overdraft fees and gave officials the power to supervise the legal compliance of tech companies' digital wallets and payment apps.

On April 9, 2025, the U.S. House of Representatives voted to repeal a set of consumer finance regulations implemented by the Biden administration, specifically targeting rules that aimed to limit credit card late fees and overdraft charges. The vote, largely along party lines, reflects ongoing tensions between Republicans and Democrats over financial regulations, with Republicans arguing that the rules imposed undue burdens on banks and financial institutions. The legislation now moves to the Senate, where its fate remains uncertain, but if passed, it would represent a significant rollback of consumer protections established under the Biden administration.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/finance/house-votes-scrap-biden-era-consumer-finance-rules-2025-04-09/ ]

Publication Contributing Sources

Reuters

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House votes to scrap Biden-era consumer finance rules