Press Releases

WASHINGTON – Majority Whip Tom Emmer (R-Minn.) today announced key stakeholder support for S.J. Res. 18, which nullifies a Biden administration rule that would have burdened banks and credit unions, led to fewer options for American consumers, and taken away critical financial services for millions of Americans across the country.

Here is what stakeholders are saying about S.J. Res. 18:

America’s Credit Unions, Jim Nussle, President and CEO: “America's Credit Unions supports using all tools available to pull back any overreach of the CFPB's statutory authority. The Bureau's overdraft rule is a solution in search of a problem, an attempt to eliminate a product deemed 'unsuitable' by Washington bureaucrats but vital to many credit unions’ members. Credit unions are the original consumer protectors that are serving forgotten communities across the country. We appreciate the House's action to stop regulatory overreach and preserve necessary financial products and services for hard working Americans.”

American Bankers Association, 50+ Banking Associations, Rob Nichols, President and CEO: “The CFPB exceeded its authority when it imposed an eleventh-hour rule effectively ending overdraft protection, and Congress now has an opportunity to right this wrong. A strong majority of consumers surveyed value and appreciate this highly regulated service and would be harmed if this option were taken away by a misguided regulation. We urge all members to support this resolution and send it to the president’s desk to protect this critically important tool American consumers use to meet their short-term financial needs.”

Bank Policy Institute, Greg Baer, President and CEO: "The CFPB’s overdraft rule is a case study of unlawful overreach and bad policymaking, rushed through in the final days of an outgoing administration. Congress is right to reject this rule and we’re grateful for strong leadership in the House and Senate working to preserve consumers’ ability to access transparent, optional and valued overdraft services.”

Consumer Bankers Association, President and CEO Lindsey Johnson: “This effort to invalidate the Chopra CFPB’s overdraft rule underscores the serious concerns lawmakers have about how this Biden-era rule will negatively impact millions of Americans’ ability to manage their own finances and the long-term damage that government-imposed price controls have on a highly-competitive financial services market.”

Defense Credit Union Council, Anthony Hernandez, President and CEO: "Beyond imposing unnecessary restrictions, the CFPB's overdraft rule presents significant compliance challenges for credit unions — requiring costly system overhauls, additional disclosures, and extensive compliance measures. This regulatory burden creates uncertainty and threatens credit unions’ ability to serve their communities effectively."

Independent Community Bankers of America, Rebeca Romero Rainey, President and CEO: “The nation’s community bankers strongly support Chairman Hill’s resolution to overturn the CFPB overdraft rule, which exceeds the bureau’s statutory authority and would have unintended consequences on all community banks and the consumers and local communities they serve. If enacted, the CFPB’s restrictions would force customers and businesses that rely on overdraft services to experience the harsh realities of rejected payments and unscrupulous funding sources. We urge members of the House to vote in favor of this critical resolution.”

Coalition of 17 conservative organizations: “We strongly urge you to approve this CRA as soon as possible, so banking customers, regardless of their income or credit scores, maintain the ability to pay bills, build equity, and live the American Dream.”

Comprehensive list of stakeholder support for S.J. Res. 18: 

Alabama Bankers Association, Alaska Bankers Association, America’s Credit Unions, American Bankers Association, The American Consumer Institute Center for Citizen Research, Americans for Prosperity, Americans for Tax Reform, Arizona Bankers Association, Arkansas Bankers Association, Bank Policy Institute, California Bankers Association, Center for a Free Economy, Center for Freedom and Prosperity, Citizens Against Government Waste, Colorado Bankers Association, Connecticut Bankers Association, Consumer Action for a Stronger Economy, Consumer Bankers Association, Consumer Choice Center, Defense Credit Union Council, DC Bankers Association, Delaware Bankers Association, Florida Bankers Association, Georgia Bankers Association, Hawaii Bankers Association, Heritage Action for America, Hispanic Leadership Fund, Idaho Bankers Association, Illinois Bankers Association, Independent Community Bankers of America, Independent Women’s Forum, Indiana Bankers Association, Institute for Liberty, Institute for Policy Innovation, Iowa Bankers Association, Kansas Bankers Association, Kentucky Bankers Association, Louisiana Bankers Association, Maine Bankers Association, Maryland Bankers Association, Massachusetts Bankers Association, Michigan Bankers Association, Minnesota Bankers Association, Mississippi Bankers Association, Missouri Bankers Association, Montana Bankers Association, National Taxpayers Union, Nebraska Bankers Association, Nevada Bankers Association, New Hampshire Bankers Association, New Jersey Bankers Association, New Mexico Bankers Association, New York Bankers Association, North Carolina Bankers Association, North Dakota Bankers Association, Ohio Bankers League, Oklahoma Bankers Association, Oregon Bankers Association, Parkview Institute, Pennsylvania Bankers Association, Puerto Rico Bankers Association, R Street Institute, Rhode Island Bankers Association, Small Business & Entrepreneurship Council, South Carolina Bankers Association, South Dakota Bankers Association, Taxpayers Protection Alliance, Tennessee Bankers Association, Texas Bankers Association, Utah Bankers Association, Vermont Bankers Association, Virginia Bankers Association, Washington Bankers Association, West Virginia Bankers Association, Wisconsin Bankers Association, Wyoming Bankers Association

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