FOR IMMEDIATE RELEASE: March 5, 2025

CONTACT: Carter Dougherty, carter@ourfinancialsecurity.org

Full House Should Reject Rollback of Overdraft Protections
Wall Streets efforts to block junk fee caps will cost families billions

Today, Republicans on the House Financial Services Committee, led by Chair French Hill, sided with Wall Street banks and against hardworking families by voting on legislation to roll back a Consumer Financial Protection Bureau (CFPB) cap on sky-high abusive overdraft fees at $5. With fees currently an average of $35, the measure would save families $5 billion each year – $225 per household that pays overdraft fees.

More than 275 community, civil rights, consumer, civic, and other organizations sent a letter ahead of today’s vote urging Committee members to oppose the legislation that would undo the overdraft fees rule. The resolution under the Congressional Review Act, which lets Congress veto final regulations, next goes to the full House of Representatives.

“The CFPB was created precisely to enact rules like the overdraft rule to keep a watchful eye on the consumer financial services marketplace and protect families from the whims of big banks and financial predators,” said Amanda Jackson, consumer campaign director at Americans for Financial Reform Education Fund. “The committee did the wrong thing, but the full House should reject this attack on the overdraft rule and prevent Wall Street banks from ripping people off.”

Today’s committee vote is one of many efforts underway by the Republican Congress and the Trump administration to dismantle and defund the CFPB and all of its efforts to protect people from unfair and abusive practices as well as fee gouging by Wall Street banks, Big Tech, and other financial predators. The CFPB has frozen over two dozen enforcement cases, dropped eight, and is expected to upend rules set to be implemented this year.

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