Congressman Nick LaLota Votes to Protect Consumers and Businesses from Burdensome Banking Regulations

WASHINGTON, D.C. - Rep. Nick LaLota (R-Suffolk County), released the following statement after voting in favor of S.J.Res.18 and S.J.Res. 28, two Congressional Review Act (CRA) resolutions which would overturn harmful regulations that threaten the financial well-being of American consumers and financial technology businesses.

“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,” said LaLota. “These common sense measures help businesses 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. They restore balance, protect consumers, and support economic growth without unnecessary red tape.”

To read the full text of  S.J.Res.18 click HERE. 

To read the full text of  S.J.Res.28 click HERE. 

Background:

S.J.Res.18 is a joint resolution disapproving of the rule submitted by the Bureau of Consumer Financial Protection (CFPB) relating to "Overdraft Lending: Very Large Financial Institutions." Introduced by Senator Tim Scott (R-SC) on February 13, 2025, the resolution seeks to nullify CFPB’s rule that seeks to regulate overdraft fees more like credit products, potentially capping fees well below the actual costs of providing the service. 

Overdraft protection is a voluntary service that helps consumers cover short-term cash shortfalls—especially important for working families trying to avoid bounced checks, late fees, or denied transactions. This resolution would restore flexibility for consumers and financial institutions and prevent regulatory overreach that threatens to eliminate a valued and widely used financial tool. 

On March 27, 2025, the Senate passed the resolution without amendment by a vote of 52 - 48. ​

S.J.Res.28 is a joint resolution disapproving of the rule submitted by the Bureau of Consumer Financial Protection relating to "Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications." Introduced by Senator Pete Ricketts (R-NE) on February 27, 2025, the resolution seeks to nullify CFPB’s rule that defines larger participants in the general-use digital consumer payment application market—such as payment apps—as nonbanks with an annual volume of at least 50 million transactions and that are not small business concerns. 

On March 5, 2025, the Senate passed the resolution without amendment by a vote of 51 - 47.