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

BREAK IN TRANSCRIPT

Mr. FIELDS. Mr. Speaker, I thank the gentlewoman from California, the ranking member, for fighting predatory lending over the years.

Mr. Speaker, I rise today to oppose S.J. Res. 18 which would dismantle important protections against predatory overdraft practices.

Let me be absolutely clear: Overdraft protection is a profit center for big banks disguised as a service fee. These institutions made over $9 billion from overdraft fees last year alone.

When a constituent in my district gets a $35 charge for a $5 purchase, that is not covering bank costs, that is a 700 percent markup designed purely to boost profits.

The CFPB's rule only affects banks with assets over $10 billion, institutions that would remain highly profitable without these predatory practices. These megabanks aren't using overdraft fees to stay afloat.

BREAK IN TRANSCRIPT

Mr. FIELDS. Mr. Speaker, I thank the gentlewoman for the additional time.

They are using them to pad their already substantial bottom lines at the expense of working families in Louisiana and across America.

BREAK IN TRANSCRIPT


Source
arrow_upward