The GOP overturned a Biden-era CFPB rule to limit bank overdraft fees to $5.
$200 million — that’s how much money Californians lost to bank overdraft fees in 2022.
High overdraft fees serve no purpose other than to help the rich get richer, while disproportionately hurting working-class families and people of color across California and the nation. That’s why last year, the Consumer Financial Protection Bureau (CFPB) and the Biden Administration capped overdraft fees at $5, which would save Americans billions of dollars each year.
But the Republican-controlled Congress just overturned this rule as part of their broader fight to destroy the CFPB, opening the door for big banks to once again charge an average $35 per overdraft and prey on working-class Californians.
We’re profoundly disappointed. Big banks don’t need the extra $7.7 billion they’ll get due to this ruling – families like yours do.
Ending this overdraft rule will hurt Californians, but AG Bonta is determined not to let Republicans and big corporations drag us backward without a fight. Chip in $5 to support Rob’s work to protect us from predatory fees!
Rob has already taken numerous actions to defend consumer protections from being ripped to shreds by right-wing officials and greedy corporations:
- Last month, he filed amicus briefs challenging the Trump administration’s efforts to dismantle the CFPB, arguing that the shuttering of the agency would cause catastrophic and irreparable harm to consumers nationwide.
- In April 2024, he supported a rule to close a regulatory loophole that banks use to charge overdraft fees without properly informing customers of the terms.
- In February 2024, he warned smaller banks and credit unions that overdraft fees disproportionately penalize low-income consumers and consumers of color, and may violate consumer protection laws.
In the face of an unstable economy and stagnating wages under President Trump, our families need every dollar they earn to afford essentials like rent, groceries, and school supplies for their children. Rob knows that, which is why he’s defending the CFPB and other consumer protections with everything he’s got.
Make a grassroots contribution to our people-powered campaign to keep the Attorney General in office fighting for working families in California and across the county.
Donate $5 »
— Bonta HQ
