John,

For years, big banks have profited off of overdraft fees, which prey especially on low-income families who are at the greatest risk for having overdrafts. The banks pull in billions every year by charging fees as high as $39 per transaction. These fees have worsened financial instability for millions of people, pushing many to the brink of losing their checking accounts.

But now, the Consumer Financial Protection Bureau (CFPB) has enacted a game-changing rule that caps overdraft fees at just $5 per transaction -- a source of relief to many families across the country.

This reform is set to save consumers $5 billion annually, with each household that pays overdraft fees saving an average of $225. These vital protections will help communities that have been unfairly targeted by predatory banking practices.

But Wall Street isn’t done fighting these rules. Banks have sent their powerful lobbyists to push Congress members to eradicate this rule before it can take full effect. If they succeed, the crucial protections for families could vanish.

Send a direct message to Congress to protect consumers and uphold the CFPB’s new overdraft fee rule. Don’t let Wall Street annihilate consumer protections.

As the banks fight to keep their overdraft fee profits flowing, spending huge amounts of money to keep their money spigots turned on, we must fight back. The CFPB’s reform is essential for several reasons:

It will send $5 billion back to consumers each year, easing their financial burden.

It will offer protections for underserved communities, including Black, Hispanic, and low-income families, who are often disproportionately targeted.

And it will create a fairer financial system, ensuring more transparency and accountability by requiring banks to treat overdrafts as the short-term loans they are, subject to legal provisions set out for loans.

Act now to help ensure these protections stay in place and continue to offer basic financial relief for those individuals and families whose funding is most precarious.

Tell Congress to defend the CFPB’s overdraft fee rule and reject Wall Street’s attack on consumer protections now.

Thank you for highlighting the needs of struggling Americans in contrast to the greed of Wall Street fat cats.

Robert Reich
Inequality Media Civic Action