1. United States
2. Mich.
3. Letter

In December 2024, the Consumer Financial Protection Bureau (CFPB) issued a rule limiting bank overdraft fees to $5 (down from the current average of $35). Now, H.J. Res. 59 seeks to undo this rule and remove all caps on overdraft fees, allowing banks to charge whatever they want. The CFPB’s $5 overdraft fee cap would save American consumers an estimated $5 billion per year, or $225 per household. Removing this cap is a priority for the Consumer Bankers Association, a lobbying group which represents big banks with more than $10 billion in assets. The two congresspeople who introduced this bill are deep in the pockets of the banking industry; Congressman French Hill’s (R-AR) biggest donor is Bank of NY Mellon (the 13th largest bank in the U.S.), while Senator Tim Scott (R-SC) has received $5.3 million in campaign contributions from the banking industry. Since its inception, the CFPB has recouped $21 billion for consumers cheated by financial institutions. You must the return of predatory bank practices by voting no on a resolution that handcuffs its ability to protect us and prioritizes the desires of big banking over the well-being of Americans. Thank you.