Veto would help millions of families struggling with the high cost of living
WASHINGTON, DC – The Center for Responsible Lending today joined a group of consumer, economic justice and civil rights organizations in sending a letter to the White House, urging President Trump to veto S.J. Res 18, legislation that would eliminate a Consumer Financial Protection Bureau (CFPB) rule that limits steep overdraft fees charged by very large banks and credit unions. If preserved by a presidential veto, the rule would save the typical household that pays overdraft fees an average of $225 a year.
The letter notes that the CFPB rule would “reduce most overdraft fees from $35 to $5, stop manipulative practices by big banks, improve transparency, and put $5 billion back into the pockets of everyday people and their families.”
The letter also points out that overdraft fees:
- “...disproportionately impact low- and moderate-income consumers with excessive charges, often for small overdrafts on their accounts, and can trap consumers in debt.”
- “...are especially burdensome for people on fixed incomes, including retirees and military veterans.”
- “...are driving millions of people out of the banking system.”
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Press Contact: Matthew Kravitz matthew.kravitz@responsiblelending.org