Press Releases

WASHINGTON, D.C. – Incoming House Financial Services Committee Chairman French Hill (AR-02) today released the following statement after the Consumer Financial Protection Bureau (CFPB) announced their final rule on capping overdraft fees.

"Incoming Senate Banking Committee Chairman Tim Scott and I were clear when we told federal agencies – including the CFPB - to put their ‘pens down’ and stop all midnight rulemaking. Director Chopra blatantly disregarded our request by finalizing this rule. Capping overdraft services is another form of government price controls that hurts consumers who deserve financial protections and greater choice. As I have said repeatedly, the CFPB needs guardrails on its enforcement and rulemaking powers, and this rule is another clear example of why. The CFPB should answer to Congress just like any other non-independent federal agency, and I will work with Chairman Scott and my fellow Republicans to rein in the agency with statutory direction."

Further Background:

On December 12, 2024, the CFPB released their final rule to cap overdraft fees at $5. The American Bankers Association (ABA), along with financial trades and banks, recently filed a motion for a preliminary injunction in the Southern District of Mississippi’s Fifth Circuit to prohibit the CFPB from implementing this rule.