Ranking Member Tim Scott of South Carolina has expressed his disapproval of the Consumer Financial Protection Bureau's (CFPB) final rule that caps overdraft fees at banks and credit unions. In a statement, Scott emphasized the importance of payment incentives in promoting financial discipline and responsibility. He stated, "As I’ve said repeatedly, lawful and contractually agreed upon payment incentives promote financial discipline and responsibility and protect access to important financial services."

Scott criticized CFPB Director Rohit Chopra for finalizing the rule shortly before a new administration is set to take office. He remarked, "With just over a month until the next administration takes over, Director Chopra should never have finalized this rule in the first place." Scott expressed his intention to collaborate with the incoming CFPB Director on policies that prioritize consumer interests.

Previously, on November 17th, Scott sent a letter urging the Biden administration's financial regulators to halt all rulemaking activities. He also called for President Biden to withdraw certain nominations before committee consideration.

During a recent Senate Banking Committee hearing, Scott challenged Director Chopra for proceeding with what he described as an aggressive agenda despite requests from prudential regulators to delay proposals until after President Trump's inauguration.