Agenda
released a request for information from consumers on “junk fees.” Te RFI specifically names overdraſt/ NSF fees among others, such as late fees, payment transfer fees and homebuying fees. Tis is another example of CFPB conducting its own research aimed at spinning a narrative that villainizes the financial services industry and exerts control over the industry through regulation.
Again, the CFPB misses one of the key points the Curinos study highlights — many American consumers are supportive of overdraſt as a financial product. Individuals may run into a situation where they need a payment to be completed before they can get money into their account. Tey may need food, diapers or gas, and these needs don’t always coincide with a payday. Even President Biden’s Acting Comptroller of the Currency Michael Hsu is cautioning banks about the unintended
consequences of eliminating overdraſt fees stating, “[l] imiting overdraſts may limit the financial capacity for those who need it most.”
Tis is just another instance of the CFPB ignoring the needs of consumers to advance its partisan agenda and make life as difficult as possible for America’s financial institutions. It is a perfect example of why Congress must continually and vigilantly perform oversight. As we continue into the New Year, one of my biggest priorities is keeping tabs on regulators and ensuring they are fulfilling their mission as stated by the law, not carrying out personal vendettas.
Congressman Blaine Luetkemeyer represents the Third Congressional District of Missouri. He serves on the House Financial Services Committee, as ranking member of the Subcommittee on Consumer Protection and Financial Institutions and ranking member of the House Committee on Small Business.
THE MISSOURI BANKER 19
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