Bill to Overturn CFPB Overdraft Fee Rule Would Hurt Families, Allow Big Banks to Keep $5 Billion in Excessive Fees
Sen. Tim Scott (SC) and Rep. French Hill (AR) Introduced Resolutions to Overturn a CFPB Rule Capping Big Bank Overdraft Fees at $5
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Sen. Tim Scott (SC) and Rep. French Hill (AR) Introduced Resolutions to Overturn a CFPB Rule Capping Big Bank Overdraft Fees at $5
The undersigned 201 consumer, civil rights, labor, legal services and community organizations and academics write to urge you to oppose efforts to overturn the Consumer Financial Protection Bureau’s overdraft fee rule, which will reduce most overdraft fees from $35 to $5, stop manipulative practices by big banks, improve transparency, and put $5 billion back into…
Read More about 201 Groups Oppose Repealing CFPB Overdraft Fee Rule
Bank account access is crucial for participation in the U.S. financial system. Lawful access to bank accounts can be improved by the implementation of the CFPB’s overdraft fee rule, by giving consumers information and remedies when their accounts are inappropriately frozen or closed, and by ensuring that overbroad derisking efforts under cover of Bank Secrecy…
Mississippi Bankers Association et al v. CFPB, No. 3:24-cv-00792-CWR-LGI (S.D. Miss.) This case was brought by various banking associations against the CFPB to challenge the validity of the CFPB’s Overdraft Rule (Overdraft Lending: Very Large Financial Institutions, 89 Fed. Reg. 106768 (Dec. 30, 2024)), which reduces surprise overdraft fees charged by large financial institutions to…
Read More about Mississippi Bankers Association et al v. Consumer Financial Protection Bureau
Groups Seek to Intervene to Defend Rule Designed to Keep Money in Consumers’ Pockets as the Work of the Agency is Frozen As the Trump-Vance Administration takes over the Consumer Financial Protection Bureau (CFPB) and begins with a stop work order, a broad coalition is taking legal action to defend a CFPB rule that would…
Read More about Coalition Moves to Protect Consumers from Costly Bank Overdraft Fees
Threatened CFPB Rule Will Lower Big Bank Overdraft Fees from $35 to $5, Saving Families Billions