Disapproving the Rule Submitted By the Bureau of Consumer Financial Protection Relating to ``Overdraft Lending: Very Large Financial Institutions''

Floor Speech

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Mr. FITZGERALD. Mr. Speaker, I rise today in support of Chairman Hill's resolution to overturn the CFPB's misguided overdraft rule.

In Wisconsin, community banks and credit unions are the backbone of our local economies. They know their customers. They serve their neighbors. They provide trusted financial tools like overdraft protection to help families manage their emergencies.

Overdraft protection is a critical tool that helps families avoid declined transactions, bounced checks, and costly disruptions. It does so transparently with clear disclosure.

A 2023 study from the Financial Health Network found consumers want overdraft services and the flexibilities that they provide.

The CFPB rule amounts to government price controls that will limit access to a lawful, contractually agreed-upon product. The rule will not help working families. It will hurt them.

By capping fees below the costs of providing the service, many banks and credit unions will be forced to reduce or eliminate overdraft programs altogether.

Because of the CFPB's rule on overdrafts, consumers will lose options. The resolution will repeal the CFPB's rule and protect consumers.

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Mr. FITZGERALD. Mr. Speaker, many people will face declined payments, higher minimum balance requirements or, worse, be pushed toward riskier unregulated products.

This resolution will repeal the CFPB's rule and protect consumers' access to financial products.

I urge my colleagues to support this CRA resolution, defend consumer choice, and restore regulatory certainty to our financial system.

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