Yesterday, the Consumer Financial Protection Bureau (CFPB) took a strong step to restore the balance between American families and big financial institutions by introducing a new overdraft rule to prevent banks from profiting from our financial insecurities. At the Institute, we support this step as a measure that would protect all Americans, including many Hoosiers, from what amounts to exorbitant short-term credit. Director of the Institute and Hoosiers for Responsible Lending Co-Chair, Erin Macey, Ph.D., said, "As a proud leader in the fight to protect Hoosiers from financial drains, we are excited about this proposed rule. We believe that Hoosiers should not face overly punitive fees when they are already struggling to make ends meet." Be the first to know about breaking news and our public statements on policies by subscribing to our email list at https://lnkd.in/g-4FtwSc
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