Block the Return of Predatory Bank Fees - Senate Vote TODAY 3/27

Block the Return of Predatory Bank Fees - Senate Vote TODAY 3/27 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. Res. 59) and Senate (S.J. Res. 18), 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, a lobbying group which represents 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-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. Since its inception, the CFPB has recouped $21 billion for consumers cheated by financial institutions. Demand that your representatives 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.