Cato Institute Policy Analyst Nicholas Anthony is available for interviews in light of the Senate passing a Congressional Review Act resolution to overturn the Consumer Financial Protection Bureau’s overdraft fee rules.

In a new piece, “Overdrafts on the Line,” Anthony writes:

“For many Americans, these requirements are likely to mean the end of overdraft services.

Beyond the opt-in nature of the service, surveys have also shown that people value overdraft services. In one survey conducted by the American Bankers Association, 88 percent of consumers said that overdraft protection is a valuable service. The survey further found that 77 percent of consumers who had paid an overdraft fee in the past year preferred paying the fee over having the transaction denied.

For many of these people, the end of overdraft services could mean the end of a crucial lifeline.”

Now it’s up to the House, and then the President, to decide whether the CFPB’s price controls will be upheld or struck down, Anthony concludes.

You can read the full piece here. If you would like to speak with Anthony, please contact pr@​cato.​org.