WASHINGTON – Sen. Tim Scott, R-S.C., ranking member of the Senate Banking Committee, introduced a long shot measure that would overturn the Consumer Financial Protection Bureau's late fee rule, though the measure is unlikely to pass both houses of Congress and receive President Biden's signature.
Scott introduced the Congressional Review Act resolution on Monday, the first day lawmakers are back in Washington from their spring recess.
It received support from a number of other Senate Banking Republicans, as well as other high-profile lawmakers. Republican Sens. John Thune of South Dakota, John Barrasso of Wyoming, Jerry Moran of Kansas, John Boozman of Arkansas, Steve Daines of Montana, Mike Rounds of South Dakota, Thom Tillis of North Carolina, Marsha Blackburn of Tennessee, Kevin Cramer of North Dakota, Mike Braun of Indiana, Bill Hagerty of Tennessee and Katie Britt of Alabama joined Scott's resolution.
Banking industry trade groups supported the resolution. It has the backing of the Consumer Bankers Association, America's Credit Unions, Independent Community Bankers of America, Bank Policy Institute, American Bankers Association, Americans for Tax Reform, Competitive Enterprise Institute and the U.S. Chamber of Commerce, Scott's office said.
The CFPB's
The banking groups filed their complaint in Texas in a bid to have the case heard by a court that's become a favorite venue for those seeking to challenge Biden administration regulations. Just on Friday, a federal judge
The pushback against the CFPB credit card late fee rule is emblematic of the increasing scrutiny that regulators are facing from outside interests, including banking lobbyists and Congress. A challenge against another CFPB rule, the small-business data-collection rule,
The CFPB's late fee rule challenge isn't likely to ultimately pass, even if it can garner some bipartisan support in Congress. The CFPB introduced its proposal to
