Arlington, VA – A coalition of leading taxpayer, consumer, and economic policy organizations has signed a letter supporting Congressional Review Act (CRA) resolutions to overturn the Consumer Financial Protection Bureau’s (CFPB) recently issued Final Rule on “Overdraft Lending: Very Large Financial Institutions.”
Published in the Federal Register on December 30, 2024, the rule is set to take effect on October 1, 2025. If implemented, it would significantly limit the fees banks can charge for overdraft services, ultimately restricting access to these services for vulnerable consumers.
Overdraft services serve as a crucial financial safety net, particularly for lower-income Americans who rely on them to cover necessary expenses. Research shows that consumers who use overdraft services do so knowingly and view them as a preferable option to costlier alternatives with higher fees and interest rates.
Read the full letter below.