OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

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

Floor Speech

Date: April 9, 2025
Location: Washington, DC

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Mr. HARIDOPOLOS. Mr. Speaker, I rise in support of the resolution to overturn the CFPB's overdraft rule. This is a classic midnight maneuver from the previous administration that ignored market realities.

Let's be clear: It is competition, not heavy-handed regulation that drives down costs. According to the CFPB's own data from 2020 to 2023, overdraft fees fell by 50 percent without this rule. That means the market is working, and that is why I support this resolution.

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