Press Releases
TODAY: House Republicans Expected to Side With Wall Street on Overdraft Fees
House Financial Services Committee Republicans accepted over half a million dollars from financial industry groups opposed to the CFPB’s overdraft rule
WASHINGTON, DC — Today, House Republicans are expected to vote to block the Consumer Financial Protection Bureau’s (CFPB) overdraft late fee rule—a huge win for Wall Street that will allow big banks and financial institutions to continue exploiting American families with excessive overdraft fees up to $35.
House Republicans are stabbing working Americans in the back by making banking more expensive while letting the biggest banks run off with billions in profit. Overdraft fees are an exploitative tactic that cost Americans billions each year, yet, Senate and House Republicans are using their newfound trifecta power to stand in the way of a tangible effort to lower costs.”
Accountable.US Executive Director Tony Carrk
Today’s vote follows new reporting from government watchdog Accountable.US revealing that House Financial Services Committee Republicans accepted over half a million dollars from financial industry groups opposed to the CFPB’s overdraft rule during the 2024 campaign cycle.
Last week, Senate Republicans voted against the CFPB’s overdraft rule, continuing an assault from the Trump administration and Elon Musk’s DOGE against the agency’s work protecting Americans from abusive financial industry practices.
Blocking the rule will allow big banks and financial institutions to continue exploiting American families, costing those who pay overdraft fees an average of $225 annually.
Overdraft fees affect a huge portion of American families. In 2024, Americans paid $12.1 billion in overdraft and NSF fees. Most of those fees are levied for overdrafts that are less than $26 and are repaid within 3 days—meaning customers pay the equivalent of a 16,000% annual percentage rate (APR) on transactions most would rather have denied.
