Letter Urges Senators to Vote No on Resolution Disapproving CFPB Overdraft Rule
WASHINGTON, D.C. — Ahead of a vote expected today on S.J. Res. 18, titled “Disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to Overdraft Lending: Very Large Financial Institutions,” Public Citizen sent a letter to senators urging them to oppose the measure.
Bartlett Naylor, a financial policy advocate at Public Citizen, issued the following statement:
“Nationwide, greedy banks pull in over $30 billion annually in predatory overdraft fees. The Consumer Financial Protection Bureau’s new rule capping overdraft fees at $5 would save consumers around $5 billion annually, providing relief to many struggling families.
“With today’s CRA vote, Senators will have to decide — do they care more about padding the profit margins of big banks or protecting the Americans they represent?”