WASHINGTON, D.C. — U.S. Chamber of Commerce Center for Capital Markets Competitiveness Senior Vice President Bill Hulse issued the following statement on the Consumer Financial Protection Bureau's (CFPB) final rule on Overdraft Lending, which would impose price caps on overdraft services offered by banks and credit unions.

“With its final rule on Overdraft Lending, the CFPB is overstepping its bounds. The CFPB’s rule would harm the consumers the CFPB is aiming to protect by limiting access to overdraft and other deposit services for those who need them to cover unexpected costs. Branding overdraft fees as ‘junk,’ as the rule does, is misguided and counterproductive. Instead of a new rule that imposes price caps, the Chamber supports the existing rules for overdraft that require financial institutions to provide clear, upfront disclosures to consumers. We strongly oppose this new rule and will work with the incoming administration and Congress to prevent it from taking effect.”