Great discussion of the CFPA at the “The Corner,” the blog of the National Review: 

Kevin Drum is right about this if nothing else — overdraft fees are a form of short-term credit offered at very high interest rates, like payday loans. But there is a persuasive case to be made that such forms of credit are actually welfare-enhancing. Liberal scolds look at the high annualized rates and shriek, but they’re not thinking of the unintended consequences: What would happen if these forms of lending were restricted? Would poor people suddenly stop needing credit? Who would step in to fill that gap? Credit-card debt is fully dischargeable in bankruptcy, unlike debt owed to the Bank of Vinnie and Frank.