Press Releases
Banking Could Get More Expensive Thanks to House Republicans

WASHINGTON, DC — During a hearing today, the Republican-led House Financial Services Committee (HFSC) will consider raising costs on American families yet again by beginning the process to block the Consumer Financial Protection Bureau’s (CFPB) overdraft late fee rule and open the door for $35 overdraft fees—a decision that would cost American households an average of $225 each year. Acting in step with their Wall Street donors, HFSC Republicans have long tried to undercut the CFPB’s efforts to lower costs for American families, including parroting industry talking points and continually questioning the agency’s standing.
For families struggling with the high cost of groceries, gas, and other necessities, a $35 overdraft fee could be the difference between feeding their families and not. Excessive overdraft fees are price-gouging at its finest: an aggressive profit-driving tactic that only serves to benefit greedy bank executives. Are HFSC Republicans really representing the middle class when they give a free pass to big banks crushing their customers with excessive overdraft fees?”
Accountable.US Executive Director Tony Carrk
Overdraft fees affect a huge portion of American families with 17% of households with checking accounts paying overdraft or NSF fees in 2023.
HFSC Republicans are also taking aim at a key provision of Dodd-Frank that combats unlawful discrimination in small business lending.
“There’s nothing pro-small business about helping big banks hide demographic data that could open opportunities for entrepreneurs from traditionally underserved communities,” added Carrk.
Earlier this week the Trump administration appointed Wall Street hedge fund manager Scott Bessent as acting head of the CFPB. Rather than continue former Director Rohit Chopra’s legacy of standing up to price gouging and fraud, Bessent swiftly halted the majority of the agency’s programs.
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