January 18, 2024
Dear  John xxxxxx,

As a member of the House Committee on Financial Services, I have been working hard in the committee room to represent your interests and combat policies that harm our community. This past November, I participated in a full committee hearing with the Consumer Financial Protection Bureau (CFPB). I asked how communities of color were being impacted by excessive banking junk fees. In my role on this committee, I am always working hard to advocate for your financial well-being. 

Just this week, the Biden Administration announced their exciting new plan for tackling junk fees that target hardworking American families. This new plan works with the CFPB to address excessive banking overdraft fees that can range from $30 to hundreds of dollars. Democrats have been working hard to protect the American consumer and lower costs, and this plan is just the first step in achieving that goal!

Extreme banking fees, like overdraft fees, target the vulnerable members of the community and make it more difficult to get back on your feet after dealing with financial hardship. The Biden Administration's plan would cut overdraft fees in half, saving approximately $150 a year for the families that pay these fees. This would mean $3.5 billion saved by American families across the country a year.

Although this is an exciting and important step, our work is not done yet. Convenience fees are not “convenient” for anyone, and I along with my colleagues on the Financial Services Committee will continue to work to protect your financial wellbeing. I am honored to continue to represent you in Congress and I am committed to continuing to put people over politics.

Sincerely,

Sylvia R. Garcia
Member of Congress

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