Marlin Stutzman: “I thank the chairman for his hard work. Mr. Speaker, I rise today in support of the resolution disapproving of the rule…”

“I thank the chairman for his hard work. Mr. Speaker, I rise today in support of the resolution disapproving of the rule submitted by the CFPB relating to overdraft lending very large financial institutions. The CFPB's purpose is to implement and enforce consumer financial protection laws and ensure that consumers have access to financial services and products while ensuring fair, transparent, and competitive markets. The overdraft lending rule issued by the CFPB instead harms consumers by setting government price caps on overdraft fees. Setting these caps and requiring large banks to lower their overdraft fees will force smaller and community banks to follow suit, resulting in less options for our constituents. Overdraft fees are provided by banks for people who are caught in a bind. Hoosiers who need to make emergency payments should not be turned away at the register because this rule forced their bank to stop offering overdraft services. This government-created market established by the CFPB's overdraft lending rule ignores competition of banks and how they provide their services and pushes banks to restrict or exit this service. The SPEAKER pro tempore. The time of the gentleman has expired.”