The House Financial Services Committee voted 30-19 to pass H.J. Res 59, a Congressional Review Act resolution that would overturn a Consumer Financial Protection Bureau rule that regulates overdraft fees.

ICBA Support: In a letter to the committee ahead of the markup, ICBA said the overdraft rule exceeds the CFPB’s statutory authority and violates existing regulations that have determined overdrafts are not extensions of credit. In a previous letter to House Financial Services Committee Chairman French Hill (R-Ark.), ICBA and other groups said overdraft protection services provide a needed form of short-term liquidity for millions of consumers.

Next Steps: The full House will take up the measure shortly. ICBA continues calling on community bankers to use its Be Heard Grassroots Action Center to send custom messages to their members of Congress urging support for the overdraft resolution.

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