April 9, 2025, Fairfax, Va.—Americans for Limited Government Executive Director Robert Romano today issued the following statement urging the House to enact S.J. Res. 18 that disapproves of the Consumer Financial Protection Bureau’s Dec. 30, 2024 midnight rulemaking on overdraft fees:
“On its way out the door the Biden administration enacted a number of midnight regulations, one of them being the Consumer Financial Protection Bureau’s rushed rulemaking imposing price controls on overdraft fees. Overdraft fees serve an important function in banking when bank customers need to cover transactions that exceed their current balance, acting as a temporary loan to the customer as the transactions are covered. Without the fees, banks might not be able to broadly provide overdraft services, which serve as a vital backstop when customers are temporarily short on cash. Americans for Limited Government strongly urges House passage of S.J. Res. 18 to do away with CFPB’s misguided regulation that would only further limit consumer options in financial services.”
For media availability contact Americans for Limited Government at media@limitgov.org.
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