Scott Statement on CFPB’s Final Overdraft Rule

Washington, D.C. – Ranking Member Tim Scott (R-S.C.) released the following statement on the Consumer Financial Protection Bureau’s (CFPB) final rule capping overdraft fees at banks and credit unions:

“As I’ve said repeatedly, lawful and contractually agreed upon payment incentives promote financial discipline and responsibility and protect access to important financial services. With just over a month until the next administration takes over, Director Chopra should never have finalized this rule in the first place, and I look forward to working with the next CFPB Director to advance policies that prioritize consumers over political talking points,” said Ranking Member Scott.

BACKGROUND:

On November 17th, Ranking Member Scott sent a letter to the White House calling on the Biden administration’s financial and housing regulators to cease all rulemaking activity and for President Biden to withdraw nominations before the committee.

At yesterday’s Senate Banking Committee hearing, Ranking Member Scott called out Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra for ignoring his demands to pause rulemaking and pressing forward with an aggressive agenda – even after prudential regulators agreed to shelve proposals and final rules before President Trump’s inauguration.

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