Washington D.C. – Consumer Financial Protection Bureau director Rohit Chopra will appear before Congress today where he is widely expected to face hostile criticism from Republican members of the House Financial Services Committee over the bureau’s hugely popular crack down on ‘junk’ fees. A review from government watchdog Accountable.US found Republican committee Chairman Patrick McHenry and his top lieutenants have defended the practice of excessive overdraft and late penalties after taking millions of dollars from industries that abuse them. No one is expecting any acknowledgment from these Members today that the CFPB’s initiative has already helped save a staggering $4.25 billion as many big banks have chosen to preempt the bureau’s actions by voluntarily revamping their overdraft and non-sufficient fund fee practices. When fully implemented, the CFPB’s plan to cap credit card late fees at $8 will save American families $9 billion every year.

Consumers have already saved billions under the Biden administration’s junk fee crackdown, yet industry-cozy Republicans in Congress like Patrick McHenry want the CFPB to apologize for doing their job.

After taking money hand over fist from corporations notorious for junk fees, these Republicans claim the practice somehow does consumers a favor by separating them from billions in hard-earned money every year. With a straight face, McHenry and company argue a $35 overdraft fee on a gallon of milk or loaf of bread teaches financial responsibility even though the excessive penalties are often buried in the fine print. Chairman McHenry should at least be honest about why they carry the water for the financial industry at the expense of consumers.”

Liz Zelnick, Accountable.US’ Director of Economic Security and Corporate Power.


House Financial Services Chairman Patrick McHenry (R-NC):

House Financial Services National Security, Illicit Finances, and International Finance Subcommittee Chair Blaine Luetkemeyer (R-MO):

  • Has received at least $98,000 from the American Financial Services Association (AFSA) which supported his CFPB-IG Reform Act and provisions similar to his legislation to replace the CFPB Director with a commission. 

House Financial Services Financial Institutions and Monetary Policy Chair Subcommittee Chair Andy Barr (R-KY):

  •     Has received at least $75,000 from the American Financial Services Association (AFSA), which supported his legislation to alter the CFPB’s funding structure, leadership structure, and rulemaking progress. 

Rep. Byron Donalds (R-FL):

  •     Has received at least $29,000 from former employer Wells Fargo and industry groups opposed to CFPB rulemaking going after overdraft fees.
  •     Has received at least $16,000 from two industry groups that have filed a lawsuit against the CFPB’s anti-discrimination enforcement practices, with lead plaintiff U.S. Chamber accusing the Bureau of “an ideological agenda.” 

Rep. Ralph Norman (R-SC):

  •     Has received at least $41,000 from banking industry groups that have opposed CFPB regulation and oversight efforts, including on bank overdraft practices. 



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