Big banks win, consumers lose: NCL condemns effort to kill CFPB overdraft rule   

Media Contact: Lisa McDonald, Vice President of Communications, 202-207-2829

Washington, DC – The National Consumers League (NCL) strongly opposes efforts to rescind the Consumer Financial Protection Bureau’s (CFPB) new overdraft fee rule through the Congressional Review Act (CRA). This rule is a critical step in closing an outdated loophole that has allowed major banks to rake in billions from excessive overdraft fees—often at the expense of hardworking families living paycheck to paycheck.

“Overdraft fees have long been a cash grab by the biggest banks, preying on those who can least afford them,” said John Breyault, NCL’s Vice President of Public Policy, Telecommunications and Fraud. Rescinding this rule would be yet another example of financial institutions prioritizing profits over fairness, leaving consumers trapped in a cycle of unnecessary debt.”

For years, banks have leveraged deceptive practices to extract money from consumers, from surprise overdraft charges to excessive fees on low-balance accounts. The CFPB’s rule provides much-needed relief, ensuring families aren’t penalized for small financial missteps. Congress should stand with consumers, not the financial giants profiting from their hardships.

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About the National Consumers League (NCL)

The National Consumers League, founded in 1899, is America’s pioneer consumer organization. Our mission is to protect and promote social and economic justice for consumers and workers in the United States and abroad. For more information, visit www.nclnet.org.