Letter in Support of Senate Resolution to Roll Back CFPB’s Overdraft Rule

ICBA and other groups sent a comment letter to Sen. Tim Scott (R-S.C.), chairman of the Senate Banking Committee, in support of S.J.Res. 18, a resolution to disapprove the Consumer Financial Protection Bureau’s final rule on overdraft protection programs. ICBA and the other groups said overdraft protection services provide a needed form of short-term liquidity for millions of Consumers, and the rule goes well beyond the agency’s statutory authority.