CBA Commends Senate for Approving Resolution to Invalidate Biden-Chopra CFPB Overdraft Rule

If Approved by House and Signed by President Trump, Consumer Access to Overdraft Services Will Be Preserved

WASHINGTON, D.C. – Consumer Bankers Association (CBA) President and CEO Lindsey Johnson today released the following statement commending the U.S. Senate for voting to preserve consumer access to overdraft services by approving a Congressional Review Act (CRA) resolution to invalidate the Biden-Chopra era CFPB overdraft rule:

“We commend Senate Republicans for voting to protect consumers’ access to overdraft services—particularly those who lack access to credit and use overdraft to pay for necessities like food and utilities.

“This effort to invalidate the Chopra CFPB’s overdraft rule underscores the serious concerns lawmakers have about how this Biden-era rule will negatively impact millions of Americans’ ability to manage their own finances and the long-term damage that government-imposed price controls have on a highly-competitive financial services market.

“We urge the House to swiftly approve the resolution to invalidate this rule so it may go to President Trump’s desk for his signature.”

About the CRA Resolutions

Senate Banking Committee Chair Tim Scott (R-S.C.) and House Financial Services Committee Chair French Hill (R-Ark.) last month introduced CRA resolutions to invalidate the CFPB overdraft rule, which was finalized after the presidential election under the Biden-Chopra CFPB and directly tied to political campaign messaging. The U.S. House Financial Services Committee approved the resolution earlier this month and now awaits a full floor vote.

Contrary to false messaging from former Biden former Transportation Secretary Pete Buttigieg and others about what the resolutions would do, these resolutions, if approved and signed into law by President Trump, would preserve consumer choice to a myriad of overdraft services that best meet their needs.

CBA Advocacy

• To read our letter of support to lawmakers urging them to approve the overdraft CRA resolutions, click HERE.
• To read PolitiFact’s fact check about Pete Buttigieg’s false claims about the overdraft CRA, click HERE.
• To read CBA President and CEO Lindsey Johnson’s statement on filing litigation against the CFPB overdraft rule, click HERE.
• To get the facts on the value of overdraft services, learn why government mandates are misguided, and read what others are saying about this misguided rule, visit OverdraftFacts.com.
• To view CBA’s recent industry survey demonstrating the reduction in consumer liquidity posed by the CFPB’s rulemaking, click HERE.
• To view CBA's national empirical survey on consumer need for overdraft products, click HERE.
• To view CBA’s analysis of the cumulative impact of the CFPB’s overdraft rule on banks’ ability to offer low and no-cost checking products, click HERE.