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

Floor Speech

BREAK IN TRANSCRIPT

Mr. STUTZMAN. Mr. Speaker, I thank the chairman for his hard work.

Mr. Speaker, I rise today in support of the resolution disapproving of the rule submitted by the CFPB relating to overdraft lending very large financial institutions.

The CFPB's purpose is to implement and enforce consumer financial protection laws and ensure that consumers have access to financial services and products while ensuring fair, transparent, and competitive markets.

The overdraft lending rule issued by the CFPB instead harms consumers by setting government price caps on overdraft fees. Setting these caps and requiring large banks to lower their overdraft fees will force smaller and community banks to follow suit, resulting in less options for our constituents.

Overdraft fees are provided by banks for people who are caught in a bind. Hoosiers who need to make emergency payments should not be turned away at the register because this rule forced their bank to stop offering overdraft services. This government-created market established by the CFPB's overdraft lending rule ignores competition of banks and how they provide their services and pushes banks to restrict or exit this service.

BREAK IN TRANSCRIPT

Mr. STUTZMAN. Mr. Speaker, the former CFPB Director Chopra was not thinking about consumers when he implemented this midnight rule on his way out the door. I am proud that House Republicans and President Trump have the opportunity to right this egregious wrong implemented under the Biden administration.

These shouldn't be called fees. They should be called insurance for our constituents.

Mr. Speaker, I urge my colleagues to support this resolution.

BREAK IN TRANSCRIPT

Source