Cap Overdraft Fees at $3! Submit an Official Public Comment Supporting the CFPB’s Junk Fees Proposal Now!
At long last, the Consumer Financial Protection Bureau has issued their finalized proposal on capping exploitative overdraft fees, which in some cases have been set as high as $39 per transaction.
This proposal is part of CFPB’s ongoing effort to tackle junk fees in the banking and finance industries -- and it’s a very significant step towards just and equitable banking, since the group of people most impacted by overdraft fees are low-income, Black, and brown families.
The new rules will apply to banks with more than $10 billion in assets -- which covers approximately the 175 largest banks in the country -- and go a long way towards shutting down what CFPB Director Rohit Chopra described as “a massive junk fee harvesting machine.”
https://actionnetwork.org/letters/submit-an-official-public-comment-supporting-the-cfpbs-overdraft-fees-proposal-now/