Missouri’s hardworking families deserve access to fair and flexible financial services, yet a recent rule from the Consumer Financial Protection Bureau (CFPB) threatens to take away a crucial safety net. The CFPB’s last-minute regulation on overdraft fees, pushed through at the last minute by President Biden’s administration, is a misguided policy that will leave many Missouri consumers with fewer financial options when they need them most.
Overdraft services exist to help customers bridge short-term financial gaps—whether it’s covering an unexpected medical bill, a car repair, or an emergency expense before their next paycheck. Community banks like mine have long offered these services responsibly, ensuring our customers can access funds when necessary. But under this new rule, the federal government is imposing arbitrary limits that will make overdraft protection financially unfeasible for banks to continue offering.
The result? Many banks, especially smaller community institutions, will be forced to eliminate or severely restrict overdraft Programs. Without this option, consumers may turn to payday lenders and other high-cost alternatives, which could trap them in cycles of debt. Ironically, a regulation intended to protect consumers could end up doing the opposite.
This rule was rushed through without meaningful input from the financial institutions that serve communities like ours. Missouri’s local banks know our customers—we work with them personally to ensure they have access to the services they need. A one-size-fits-all federal mandate does not reflect the economic realities of our state.
Congress has the opportunity to reverse this harmful regulation through the Congressional Review Act (CRA). We urge Senator Josh Hawley, Senator Eric Schmitt, and the entire Missouri Congressional delegation to stand with Missouri’s families and oppose this rule. Senator Rejecting this regulation would help preserve access to vital banking services for those who need them.
The CFPB’s overdraft rule is a textbook example of Washington bureaucrats overstepping their bounds and hurting the very people they claim to protect. Let’s keep financial decisions where they belong—between banks and their customers. We urge Congress to act now to repeal this misguided rule.
Senior Vice President, Ozark Bank
