Suffolk Reporter

Rep. Nick LaLota, representing Suffolk County, has voted in support of two Congressional Review Act resolutions—S.J.Res.18 and S.J.Res.28—that aim to overturn existing regulations impacting American consumers and financial technology companies. LaLota emphasized that the resolutions are essential to prevent the Consumer Financial Protection Bureau's (CFPB) overreach, which he claims would otherwise increase costs for families and limit access to essential financial services.

According to LaLota, "S.J.Res.18 and S.J.Res.28 are needed to stop CFPB overreach that would raise costs on working families and restrict access to basic financial tools. I voted for both because overdraft protection should remain available for hardworking Americans who rely on it, and financial technology companies deserve the flexibility to innovate." He stressed that the measures serve to "grow, expand consumer banking choice, and prevent unnecessary financial burdens—especially for Long Islanders, who already face the highest effective tax burden in the country."

S.J.Res.18, introduced by Senator Tim Scott from South Carolina, targets a CFPB rule concerning overdraft lending by large financial institutions. The resolution seeks to restore flexibility in how overdraft fees are regulated, moving them away from being treated like credit products with capped fees. This measure passed the Senate with a vote of 52-48.

S.J.Res.28, introduced by Senator Pete Ricketts from Nebraska, challenges a CFPB rule that classifies larger participants in the digital consumer payment application market. This resolution seeks to nullify the rule that categorizes such participants, including nonbank payment apps with over 50 million transactions annually, as not small business concerns. The Senate passed this resolution with a 51-47 vote.

The resolutions are part of LaLota's broader effort to advocate for financial balance, protect consumers, and bolster economic growth without imposing additional regulatory challenges.