(C) Common Dreams
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McHenry, Barr Lazily Copy & Paste Bank Lobbyist Talking Points Against Cost-Saving Biden Overdraft Rule [1]
['Emily Hoyle']
Date: 2024-01-24 16:55:39+00:00
WASHINGTON, D.C. – Politico Influence reports that “Portions of a press release issued last week by House Financial Services Chair Patrick McHenry (R-N.C.) and Financial Institutions Subcommittee Chair Andy Barr (R-Ky.) criticizing the CFPB’s new proposal to rein in bank overdraft fees bear a striking resemblance — and in several cases use identical phrasing — to a top banking trade group’s talking points about the overdraft rule.”
McHenry and Barr falsely claimed to be looking out for consumers by “bash[ing]” the Consumer Financial Protection Bureau’s final rule that limits overdraft fees charged by banking institutions and credit unions to a range of $3 to $14 down from as much as $42 — a move expected to save everyday families $3.5 billion every year. McHenry and Barr neglected to mention anywhere in their missive parroting industry talking points that they have together taken over a million dollars from just the 10 largest banks still charging overdraft fees, a recent Accountable.US analysis found.
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[1] Url:
https://accountable.us/mchenry-barr-lazily-copy-paste-bank-lobbyist-talking-points-against-cost-saving-biden-overdraft-rule/
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