What They Are Saying: Subject Matter Experts Urge Lawmakers to Overturn Biden-Chopra CFPB Overdraft Rule

WASHINGTON, D.C. – As the U.S. House of Representatives today considers a vote to preserve consumer access to overdraft services, it’s important to remember that government-imposed price controls only harm the consumers they’re purported to help. The vote centers on a Congressional Review Act (CRA) resolution to overturn a Biden-era Consumer Financial Protection Bureau (CFPB) rule that is politically-motivated government overreach.

Here’s what subject matter experts are saying about the CFPB’s misguided rule – and why lawmakers must act to stop it.

Cato Institute: “America Wins If Congress Spikes The CFPB’s Overdraft Rule”

“It's difficult to predict the outcome, but if the House and the President follow the Senate’s lead, it will be a big win for America […] Ignoring the (very important) question of whether the Bureau exceeded its authority with this rule, it’s very clear that the Bureau was trying to make providing overdraft protection prohibitively costly […] This sort of ‘regulation’ […] has no place in a republic built on the principles of limited government and free enterprise.” – Nobert Michel, Cato Institute, Op-ed in Forbes, March 31, 2025

Independent Women’s Forum: “Congress [Must] Undo Biden Overdraft Regulations”

“[Former President Biden’s] policies would have hurt low-income Americans. The latest example is a regulation finalized in the midnight hour of the Biden Administration to cap bank overdraft fees […] [which] would backfire on those who can least afford it by restricting their access to a credit backstop they depend on. Congress may undo this regulation before its effects can be felt by hardworking Americans. [Last week], the Senate passed a resolution to undo this regulation. All eyes are on the House and President Trump to close the loop.” – Patrice Onwuka, Independent Women’s Forum, Blog Post, March 27, 2025

Ginn Economic Consulting: “Trump Administration Must Shut Down Biden-Era CFPB Overdraft Power Grab”

“[T]he [overdraft] rule is ripe for repeal under the Congressional Review Act […] This rule was born [sic] out of a mindset that believes Washington knows best […] The Trump administration has a clear opportunity to correct course. It can defend the basic principles of free-market banking, stop harmful Biden-era policies before they do more damage, and send a clear message: The days of unelected regulators choking off consumer choice are over.” – Vance Ginn, Ginn Economic Consulting (and former Office of Management and Budget Chief Economist), Post on X, March 26, 2025

National Taxpayers Union: “Overturn Biden Administration’s Last-Minute Overdraft Rule”

“If not overturned, this [overdraft] rule will force thousands of vulnerable Americans into more expensive financial services products, reducing long-term savings and increasing the potential for homelessness and other negative outcomes […] We strongly urge [Congress] to approve this CRA as soon as possible, so banking customers, regardless of their income or credit scores, maintain the ability to pay bills, build equity, and live the American Dream.” – Brandon Arnold, National Taxpayers Union, Letter to Congress, March 27, 2025

Parkview Institute: “If You Price Control Financial Services, You Limit Financial Services”

“[T]he Trump administration’s subsequent efforts to rein in the CFPB […] is especially welcomed given that capping overdraft fees would be particularly harmful to those with fewer means, as they would be at most heightened risk of losing this available line of credit. This is doubly saddening considering the (often emergency) circumstances that may compel one to overdraft from their account in the first place.” – Jonathan Decker, Parkview Institute, Op-ed in RealClearMarkets, March 26, 2025

Pelican Policy Institute for Public Policy: “Liberty vs. Leviathan: The CFPB’s Overdraft Fee Fiasco”

“[T]his is a glaring signal that Congress needs to intervene and take back the reins […] The CFPB’s overdraft rule is a textbook case of bureaucratic excess—well-intentioned, perhaps, but poorly executed and unmoored from democratic consent. Congressional oversight isn’t just an option; it’s a necessity to safeguard liberty and ensure the administrative state serves, rather than dictates to, the American people.” – Pelican Institute for Public Policy, Blog Post, March 25, 2025

Pinpoint Policy Institute: “Congress Can Repeal Biden’s Big Government Banking Mandate”

“Time and again the CFPB has attempted to expand its own power without Congress’s approval […] Congress has a chance to reject liberal policies by overturning the Biden administration’s overdraft rule […] Americans should be given more banking options, not less. The government mandate on overdraft is a disaster waiting to happen. Members of Congress have a chance to act quickly and protect their constituents from a radical left-wing takeover of their bank accounts. Time is of the essence.” – Pinpoint Policy Institute, Op-ed in Breitbart, March 25, 2025

R Street Institute: “Republicans in Congress [Must Follow Through on] Their Commitment to Dismantling Biden-Era Rules”

“Though alternative options exist to dismantle the Overdraft Fee Rule—such as letting the legal action play out, which could leave consumers and banks in limbo for years—the most efficient way to do so is through the CRA. Not only does it save time and resources, but it also sends a message to Americans about following through on the plan to reduce the size and scope of the federal government and dismantle much of the regulatory red tape that came out of the Biden administration. Republicans have spent years discussing their intent to make major changes at the CFPB, a responsibility that ultimately rests with Congress. Getting rid of the overdraft fee rule via CRA is a step in the right direction.” – Caroline Melear, R Street Institute, Blog Post, March 25, 2025

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 view CBA's national empirical survey exploring use and sentiment regarding overdraft services, click HERE.
• To read PolitiFact’s fact check about Pete Buttigieg’s false claims about the overdraft CRA, click HERE.
• To read CBA’s 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 analysis of the cumulative impact of the CFPB’s overdraft rule on banks’ ability to offer low and no-cost checking products, click HERE.