CBA Statement on President Trump Invalidating Biden-Chopra CFPB Overdraft Rule

WASHINGTON, D.C. – Consumer Bankers Association (CBA) President and CEO Lindsey Johnson today released the following statement applauding President Donald J. Trump for signing into law a Congressional Review Act (CRA) resolution to invalidate the Biden-Chopra era CFPB overdraft rule:

“On behalf of America’s leading retail banks, CBA is grateful to President Trump for protecting consumer choice and access to a deeply valued financial tool utilized by millions of Americans in times of need.

“It is our hope this important step marks the beginning of a broader effort to reset the CFPB and reform the agency into a credible, durable regulator that consumers deserve. We stand ready to work with the Trump Administration to enact commonsense reforms to the CFPB, cut bureaucratic red tape, and unleash innovation that will benefit all Americans for decades to come.”

About the CRA Resolutions

Senate Banking Committee Chair Tim Scott (R-S.C.) and House Financial Services Committee Chair French Hill (R-Ark.) in February introduced CRA resolutions to invalidate the CFPB overdraft rule, which was finalized after the presidential election under the outgoing Biden-Chopra CFPB and was directly tied to political campaign messaging. 

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 the highly-competitive choices that consumers have to a myriad of overdraft services that best meet their needs.

CBA Advocacy

• 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 read how consumers value overdraft services, click HERE.
• To read what subject matter experts are saying about the CFPB’s misguided rule – and why lawmakers must act to stop it, click HERE.
• To read our letter of support to lawmakers urging them to approve the overdraft CRA resolutions, click HERE.
• To read CBA President and CEO Lindsey Johnson’s statement on filing litigation against the CFPB overdraft rule, click HERE.
• 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.