Loading....

Tell Congress: Support the CFPB’s $5 Cap on Overdraft Junk Fees

An important new protection for struggling consumers is at risk. The Consumer Financial Protection Bureau’s (CFPB) final rule on big bank overdraft fees will slash typical fees for bank account overdrafts from $35 per transaction to just $5, saving the 23 million households who pay overdraft fees $5 billion a year, an average of $225 for households who pay overdraft fees.

Even though the new rule helps millions of people, it faces threats. A lawsuit has been filed to challenge the rule, and it could also be overturned by Congress using the Congressional Review Act (CRA). The CRA allows Congress, with the President’s signature, to overturn new regulations using expedited procedures, a simple majority vote, and limited debate.

If Congress sides with big banks over struggling families and overturns the rule, it would remove the reasonable cap on overdraft fees and stop future attempts to adopt a rule that is substantially the same – which could mean the sky is the limit for big banks.

Urge Congress to support the CFPB's overdraft rule and save low-income consumers $5 billion or more in fees every year.

Customize and send a message to your members of Congress today!

Take Action

Sign & Send the Sample Letter to Your Representative TODAY to Urge Them to Support the Overdraft Protection Act

Tell your representative to support the CFPB's $5 cap on bank overdraft fees

Subject: Support the CFPB's $5 Cap on Overdraft Fees

Message:

I’m writing today to urge you to side with the 23 million households who pay overdraft fees each year and support a rule to save low-income consumers a collective $5 billion a year in junk fees. The Consumer Financial Protection Bureau (CFPB) rule caps big bank overdraft fees at $5, down from the typical $35 per transaction – which is much higher than the actual cost to the financial institution of covering an overdraft. The rule still allows banks to cover overdrafts and also allows transparently priced overdraft lines of credit. Those credit lines would have no price limit but the bank would be required to consider a consumer’s ability to repay the loan. The CFPB's overdraft rule will have an immediate impact on low-income consumers — saving families living paycheck to paycheck and facing routine bank overdrafts an average of $225 a year. That's real money at a time when households really need it. Hard-working Americans need you and your colleagues to reject efforts to repeal the overdraft rule and allow the CFPB to continue to go to bat for us. The CFPB is committed to protecting communities from compounding the systemic inequities they already face. This rule is an essential tool for addressing those disparities and ensuring a more just financial system. Please get back to me to confirm you will stand with the CFPB and the millions of Americans who deserve relief from junk overdraft fees. Sincerely,

Characters remaining:

Organization Name
ORG ADDRESS LINE 1 ORG ADDRESS LINE 2 | Org City, Org State Org Zip
ORG CONTACT PHONE | Org Email

Tell Congress: Support the CFPB’s $5 Cap on Overdraft Junk Fees

Sign & Send the Sample Letter to Your Representative TODAY to Urge Them to Support the Overdraft Protection Act

Sign & Send the Sample Letter to Your Representative TODAY to Urge Them to Support the Overdraft Protection Act

Sorry, we're not targeting any representatives in your district. But, you can still help!

Sign & Send the Sample Letter to Your Representative TODAY to Urge Them to Support the Overdraft Protection Act

Thank You for Taking Action!