March 30, 2022 — Letter

The 66 undersigned organizations urge the members of this committee to support Rep. Carolyn
Maloney’s Overdraft Protection Act of 2021.

Overdraft-related fees cost consumers $15 billion each year. By far, the most expensive way to
have an overdraft covered is through an overdraft coverage fee. Financial institutions could offer
and encourage their customers to choose lower cost overdraft coverage but instead they push
extremely high-cost, punitive programs that disproportionately impact their most vulnerable