An Open Letter

To: Sen. Schiff, Sen. Padilla, Rep. Sherman

From: A constituent in Northridge, CA

March 27

Stop Republican Scuttling of Lowered Banking Overdraft Fees House Financial Service Committee Chairman French Hill (R-AR) and Senate Banking Committee Chairman Tim Scott (R-SC) moved to repeal a measure limiting excessive junk fees imposed by big banks on people already short of funds. French and Scott introduced Congressional Review Act (CRA) resolutions to overturn the Consumer Financial Protection Bureau’s (CFPB) overdraft fee rule. The rule caps most big bank overdraft fees at just $5, down from the typical $35 charge per transaction. The rule would save the 23 million households who pay overdraft fees $5 billion a year. A decision to overturn it would cost these households an average of $225 each year.

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