The Progressive


A project of Common Dreams

For Immediate Release
Contact: Phone: (202) 588-1000

CFPB’s Proposed Overdraft Rule Would Protect Consumers

The U.S. Consumer Financial Protection Bureau (CFPB) today released a proposal to close the bank overdraft loophole that costs consumers billions of dollars each year. Candace Milner, racial equity policy associate for Public Citizen, released the following statement:

“The new overdraft rule will ensure that banks are no longer using predatory overdraft fees to profit from consumers. Most overdraft fees are taken from low-income households when they can least afford it. Commonsense regulations on these fees would protect consumers from surprise charges and fees that often exceed the amount borrowed. Enormous overdraft fees that burden low-income consumers should no longer line the pockets of bank CEOs.”

Public Citizen is a nonprofit consumer advocacy organization that champions the public interest in the halls of power. We defend democracy, resist corporate power and work to ensure that government works for the people - not for big corporations. Founded in 1971, we now have 500,000 members and supporters throughout the country.

(202) 588-1000