President Donald Trump signed into law an ICBA-advocated resolution to overturn the Consumer Financial Protection Bureau’s final rule on overdraft services, finalizing a key policy success for community bankers.
ICBA Statement: In a national news release, ICBA commended Trump and Congress for enacting the resolution, which also precludes the CFPB from issuing a substantially similar rule in the future. “The CFPB rule’s restrictions would have had a negative ripple effect on customers and businesses that rely on overdraft services,” ICBA President and CEO Rebeca Romero Rainey said.
Community Banker Grassroots Impact: Romero Rainey said in a message to community bankers that the industry’s persistent grassroots outreach was critical to the advocacy success. “This success once again showcases the power of community banks to achieve results in the nation’s capital,” she said.
About the Resolution: S.J. Res 18 invalidates the CFPB’s rule to cap fees at financial institutions with more than $10 billion in assets. Senate Banking Committee Chairman Tim Scott (R-S.C.) and House Financial Services Committee Chairman French Hill (R-Ark.) led the push in their respective chambers of Congress.
ICBA Campaign: ICBA repeatedly told policymakers that the CFPB’s rule to cap overdraft fees would harm consumers by causing them to experience the harsh realities of rejected payments. Overturning the rule was a key priority of ICBA’s “Repair, Reform, and Thrive” plan for the 119th Congress and Trump administration.
Capital Summit This Week: Community bankers can continue advancing advocacy priorities at this week’s ICBA Capital Summit in Washington, D.C., which will feature in-person meetings with congressional offices, remarks from Hill and other policymakers, and more.
