Vote against repealing CFPB's $5 overdraft fee cap

The Senate has passed a misguided resolution (S.J. Res. 18) that would remove the recently implemented $5 cap on overdraft fees set by the Consumer Financial Protection Bureau (CFPB). This cap is a vital consumer protection that would save American households an estimated $225 per year on average. Without it, banks would be free to continue exploiting customers with exorbitant overdraft fees averaging $35 or more. The CFPB's overdraft fee cap is projected to save consumers a total of $5 billion annually by reining in predatory banking practices. Preserving this rule is crucial to preventing unreasonable and unpredictable fees that disproportionately burden lower-income families. Overturning it would be a major setback for financial fairness, favoring the interests of big banks over the well-being of ordinary Americans. I urge you to stand up for consumers by voting against S.J. Res. 18 and upholding the CFPB's reasonable limit on overdraft fees. This common-sense regulation reins in abusive policies and ensures the banking system treats customers fairly. Preserving the $5 cap is a matter of economic justice that will provide vital financial relief to millions of households. Please make the right choice in protecting the people over unchecked corporate greed.