1. United States
2. Nev.
3. Letter

Overturning the rule capping bank overdraft fees at $5 would place an unnecessary financial burden on American families already struggling with economic challenges. The Consumer Financial Protection Bureau estimates this rule change could cost households that pay overdraft fees an additional $225 per year on average. In a time of high inflation and economic uncertainty, this added expense could prove detrimental to many. The CFPB established this cap to protect consumers from excessive fees that have allowed banks to generate billions in profits from overdrafts, often targeting vulnerable communities. Banks have alternative options under the rule, including offering overdraft protection as a service at cost rather than for profit. Overturning this reasonable consumer protection would prioritize banking industry interests over the financial well-being of everyday Americans. I urge you to vote against overturning this important safeguard that aims to prevent exploitative overdraft practices.