[Congressional Record Volume 172, Number 81 (Wednesday, May 13, 2026)]
[Senate]
[Pages S2265-S2266]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




  PROVIDING FOR CONGRESSIONAL DISAPPROVAL UNDER CHAPTER 8 OF TITLE 5, 
  UNITED STATES CODE, OF THE RULE SUBMITTED BY THE BUREAU OF CONSUMER 
  FINANCIAL PROTECTION RELATING TO WITHDRAWAL OF THE RULE RELATING TO 
 ``CONSUMER FINANCIAL PROTECTION CIRCULAR 2024-05: IMPROPER OVERDRAFT 
                 OPT-IN PRACTICES''--Motion to Proceed

  Mr. VAN HOLLEN. Mr. President, I move to proceed to Calendar No. 386, 
S.J. Res. 130.
  The PRESIDING OFFICER. The clerk will report the motion.
  The legislative clerk read as follows:

       Motion to proceed to Calendar No. 386, S.J. Res. 130, a 
     joint resolution providing for congressional disapproval 
     under chapter 8 of title 5, United States Code, of the rule 
     submitted by the Bureau of Consumer Financial Protection 
     relating to withdrawal of the rule relating to ``Consumer 
     Financial Protection Circular 2024-05: Improper Overdraft 
     Opt-In Practices''.

  Mr. VAN HOLLEN. Mr. President, colleagues, overdraft fees are among 
the most abusive junk fees in our financial system. The average 
overdraft

[[Page S2266]]

is only $26 and is usually repaid within a few days, but many large 
banks charge $35 a fee per overdraft. That works out to an annual 
percentage of about more than 16,000 percent.
  So I want you to imagine that you are walking into a 7-Eleven. You 
are a little short on cash. You want to buy a cup of coffee. You go to 
the ATM machine. You take out 50 bucks. You buy a $2.50 cup of coffee, 
but it costs you about $40; and you don't even know it because the bank 
doesn't tell you.
  And then the next day you go to buy some groceries. This time you use 
your debit card, and they charge you another 35 bucks and don't tell 
you you have overdrawn.
  Well, these fees fall hardest on families living paycheck to 
paycheck. Federal law requires that these banks can charge an overdraft 
fee on these withdrawals only if consumers opt in--if they opt in. But 
many financial institutions use deceptive tricks and confusing fine 
print to get consumers to enter into these programs and then do not 
inform them of the costs. And banks not that long ago made about $30 
billion in one year from these overdraft fees.
  So in 2024, the CFPB issued guidelines requiring banks to show proof 
that one of our constituents--one of our consumers--actually opted in, 
and that is what the Trump administration got rid of. They got rid of 
the enforcement mechanism that prevents our consumers from being 
gouged.
  I know a 35-buck fee is a drop in the bucket for Trump and his 
billionaire buddies. I know he is focused on his billion-dollar 
ballroom, but we need to focus on our constituents.
  And I will close with this. Just yesterday, President Trump said:

       I don't think about Americans' financial situation.

  Well, when they got rid of this rule, he proved he did not care about 
the financial situation of people living paycheck to paycheck. We 
should care. I urge my colleagues to adopt this resolution.
  Mr. President, I ask for the yeas and nays.


                       Vote on Motion to Proceed

  The PRESIDING OFFICER. The question is on agreeing to the motion to 
proceed.
  Is there a sufficient second?
  There appears to be a sufficient second.
  The clerk will call the roll.
  The legislative clerk called the roll.
  The result was announced--yeas 47, nays 53, as follows:

                      [Rollcall Vote No. 123 Leg.]

                                YEAS--47

     Alsobrooks
     Baldwin
     Bennet
     Blumenthal
     Blunt Rochester
     Booker
     Cantwell
     Coons
     Cortez Masto
     Duckworth
     Durbin
     Fetterman
     Gallego
     Gillibrand
     Hassan
     Heinrich
     Hickenlooper
     Hirono
     Kaine
     Kelly
     Kim
     King
     Klobuchar
     Lujan
     Markey
     Merkley
     Murphy
     Murray
     Ossoff
     Padilla
     Peters
     Reed
     Rosen
     Sanders
     Schatz
     Schiff
     Schumer
     Shaheen
     Slotkin
     Smith
     Van Hollen
     Warner
     Warnock
     Warren
     Welch
     Whitehouse
     Wyden

                                NAYS--53

     Armstrong
     Banks
     Barrasso
     Blackburn
     Boozman
     Britt
     Budd
     Capito
     Cassidy
     Collins
     Cornyn
     Cotton
     Cramer
     Crapo
     Cruz
     Curtis
     Daines
     Ernst
     Fischer
     Graham
     Grassley
     Hagerty
     Hawley
     Hoeven
     Husted
     Hyde-Smith
     Johnson
     Justice
     Kennedy
     Lankford
     Lee
     Lummis
     Marshall
     McConnell
     McCormick
     Moody
     Moran
     Moreno
     Murkowski
     Paul
     Ricketts
     Risch
     Rounds
     Schmitt
     Scott (FL)
     Scott (SC)
     Sheehy
     Sullivan
     Thune
     Tillis
     Tuberville
     Wicker
     Young
  The motion was rejected.
  The PRESIDING OFFICER (Mr. Justice). The Senator from Delaware.

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