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ICBA rejected President Joe Biden’s latest mischaracterization of overdraft services and credit card fees for late payments as “junk fees.”
White House ‘Fact’ Sheet: In a fact sheet released ahead of Biden’s State of the Union address, the White House celebrated the Consumer Financial Protection Bureau’s efforts to cut credit card late fees and target overdraft fees as a crackdown on “junk fees,” which Biden echoed during his address to Congress.
ICBA Release: In a national news release, ICBA said Biden’s language misrepresents the overdraft protection services that banks offer their customers and how community banks meet the credit card needs of their customers. ICBA also said it remains concerned about the overdraft and credit card late-fee rules’ unintended consequences on all institutions.
Next Steps: ICBA pledged to continue working to minimize the negative impact of the CFPB’s overdraft and credit card rulemakings on community banks and the local customers and communities they serve.