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ABA: The American Bankers Association
Statement
  • For Immediate Release
  • March 5, 2025

ABA Applauds House Financial Services Committee Vote to Invalidate CFPB Overdraft Rule

"We applaud the House Financial Services Committee’s vote to invalidate the CFPB’s misguided overdraft rule and look forward to seeing the House consider the resolution soon. The Bureau’s rule was flawed and unlawful from the start, and went against the wishes of a strong majority of Americans who have repeatedly indicated that they value and appreciate overdraft protection. By demonizing these highly regulated and transparent bank fees and attempting to implement government price controls, the rule would make it significantly harder for banks to provide this valuable service.

"We thank Chairman French Hill for leading the effort in the House to save this much-needed product that consumers value, including those who have few other options to cover essential payments. We hope this is the first step towards final approval by both chambers of Congress."

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About the American Bankers Association

The American Bankers Association is the voice of the nation’s $24.1 trillion banking industry, which is composed of small, regional and large banks that together employ approximately 2.1 million people, safeguard $19.2 trillion in deposits and extend $12.7 trillion in loans.

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