Troy Downing: “I thank Chairman Hill for his leadership in bringing this important legislation to the floor. The bill we have before us…”

“I thank Chairman Hill for his leadership in bringing this important legislation to the floor. The bill we have before us today reverses perhaps the most misunderstood rulemaking in financial services. On its face, you may look at a proposal to cap overdraft fees and think, wow, that sounds like a great idea. After all, who wants to pay more in fees? However, in reality, the CFPB's rule capping overdraft fees is nothing more than an eleventh hour effort from Biden's rogue financial regulators to score political points at the expense of everyday Americans. Financial institutions have to be able to generate profit from the products they offer. Otherwise, they will not be able to offer them at all. By capping overdraft fees, the CFPB has made it increasingly more costly for banks and credit unions, especially those that service folks in rural districts like mine, to offer overdraft protection. When these lenders are no longer able to charge competitive rates, they may be forced to cover the cost by increasing other critical services or stop offering the services altogether. What does that result in? It results in less choice and less protection. Imagine a single mother trying to make ends meet. She needs to feed herself and her son, the rent is due, but she doesn't have enough in her account to cover both. If she is not able to access overdraft protection or other far riskier means of short-term liquidity, imagine the outcome.…”