congress During the Biden Administration, the Consumer Financial Protection Bureau (CFPB) issued a rule which limited bank overdraft fees to $5 (down from the current average of $35).
Under Trump, a GOP-sponsored joint resolution in the House (H.J. Res. 59) and Senate (S.J. Res. 18), seeks to undo this rule and remove all caps on overdraft fees, allowing banks to charge any amount, creating financial hardship and extreme distress for banking customers.
The CFPB’s $5 overdraft fee cap would save American consumers an estimated $5 billion per year, or $225 per household. This cap is strongly resented by and opposed by the Consumer Bankers Association, a lobbying group which represents big banks with more than $10 billion in assets. By a not-particularly-curious coincidence, the two congresspeople who introduced this bill are banking industry shills; Congressman French Hill’s (R-AR) biggest donor is Bank of NY Mellon (the 13th largest bank in the U.S.), while Senator Tim Scott (R-SC) has received $5.3 million in campaign contributions from the banking industry.
The CFPB has recouped $21 billion for consumers cheated by financial institutions during its useful existence.
You MUST vote NO on this predatory and inexcusable resolution that prevents the CFPB from doing its job to protect Americans and allows the greed of corporate banks to run unchecked.
First sent on April 7 by Stacey
