CFA Statement in Response to CFPB Final Rule on Overdraft Lending at Very Large Financial Institutions

WASHINGTON, D.C. -The Consumer Federation of America released the following statement in response to the publication by the Consumer Financial Protection Bureau of its final rule on overdraft lending at very large financial institutions.

"Today, the CFPB reached a major milestone in its effort to level the playing field between regular people and big banks." said Adam Rust, Director of Financial Services at the Consumer Federation of America. "No one should have to pick between paying a junk overdraft fee or buying groceries. This rule gives banks a choice: they can charge a reasonable fee that does not exploit their customers, or they can treat these loan products as an extension of credit and comply with existing lending laws."