1. United States
2. Colo.
3. Letter

I'm writing to demand you oppose House: H.J. 59 / Senate: S.J. 18, which would overturn the CFPB rule limiting overdraft fees to five dollars. This rule will save consumers five billion dollars annually and protects consumers from unreasonable and unpredictable banking fees. In December 2024, the Consumer Financial Protection Bureau (CFPB) issued a rule limiting bank overdraft fees to $5 (down from the current average of $35). Now, a GOP-sponsored joint resolution in the House (H.J. 59 and Senate, seeks to undo this rule and remove all caps on overdraft fees, allowing banks to charge whatever they want. The CFPB’s $5 overdraft fee cap would save American consumers an estimated $5 billion per year or $225 per household. Removing this cap is a priority for the Consumer Bankers Association big banks with more than $10 billion in assets. Unsurprisingly, the two congresspeople who introduced this bill are deep in the pockets of the banking industry; Congressman French Hill’s (R-AK) 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. Since its inception, the CFPB has recouped $21 billion for consumers cheated by financial institutions. Prevent the return of predatory bank practices by voting no on a resolution that handcuffs its ability to protect us and prioritizes the desires of big banking over the well-being of Americans. Thank you