1. United States
2. Pa.
3. Letter

I am writing to express my deep concern regarding the recent Senate vote to strike down the Consumer Financial Protection Bureau's (CFPB) rule capping overdraft fees at $5. As this resolution moves to the House, I urge you to oppose it and stand with working families who are already burdened by rising costs and inflation. The CFPB's rule, set to take effect in late 2025, was projected to save American households $5 billion annually by limiting exorbitant overdraft fees, which often reach $35 per transaction. These fees disproportionately impact low-income families, forcing many into cycles of financial hardship. Repealing this rule would allow banks and credit unions to continue charging fees far higher than the actual cost of providing overdraft protection, as noted by consumer advocates. While the American Bankers Association argues that the rule could lead to reduced overdraft services, this concern pales in comparison to the financial strain these fees impose on everyday Americans. Moreover, the claim that consumers would turn to higher-risk lenders is speculative and does not justify maintaining such predatory practices. I urge you to prioritize the well-being of your constituents over the interests of banking trade groups. By opposing this resolution, you can help ensure that financial institutions operate fairly and transparently, providing essential services without exploiting vulnerable populations. Thank you for your attention to this critical issue. I hope you will consider the needs of hardworking Americans and vote against this resolution.