House Finance Committee hears testimony on overdraft fees

The House Financial Services Committee held a hearing to discuss the effects of overdraft fees on consumers. The hearing included testimony from a number of expert witnesses as the committee considers legislation to restrict or ban financial institutions from administering overdraft fees to consumers.

Republican representatives and witnesses used the hearing to question the authority of Consumer Financial Protection Bureau’s authority to regulate financial institution’s abilities to apply fees on consumer accounts.

Read on for more details.