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Washington, D.C. (March 27, 2025)—Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued the following statement on the Senate’s passage of a Congressional Review Act resolution to overturn the Consumer Financial Protection Bureau’s final rule on overdraft services.
“ICBA and the nation’s community banks commend the Senate for passing Senate Banking Committee Chairman Tim Scott’s important resolution to overturn the CFPB’s final rule on overdraft services.
“The CFPB overdraft rule would have harmful unintended consequences on all institutions and the consumers and local communities they serve. Further, the CFPB’s overdraft rule exceeds the bureau’s statutory authority under the Truth in Lending Act and violates existing regulations that have determined overdrafts are not extensions of credit.
“Community banks provide a wide range of products and services in a competitive marketplace that customers may select to address situations in which they’ve overdrawn their account, including overdraft programs, free ad hoc solutions, alerts about their account status, account transfers, and more. The CFPB’s restrictions would have a negative ripple effect on customers and businesses that rely on overdraft services by causing them to experience the harsh realities of rejected payments.
“ICBA and community bankers nationwide thank Chairman Scott for his leadership on this issue and encourage the House of Representatives to pass its version of the resolution introduced by House Financial Services Committee Chairman French Hill to avoid unintended consequences on consumers and local communities.”
About ICBA
The Independent Community Bankers of America® has one mission: to create and promote an environment where community banks flourish. We power the potential of the nation’s community banks through effective advocacy, education, and innovation.
As local and trusted sources of credit, America’s community banks leverage their relationship-based business model and innovative offerings to channel deposits into the neighborhoods they serve, creating jobs, fostering economic prosperity, and fueling their customers’ financial goals and dreams. For more information, visit ICBA’s website at icba.org.