Revolving Door Project Applauds New CFPB Rule On Overdraft Fees

In response to the Consumer Financial Protection Bureau’s (CFPB) new proposed rule to rein in excessive bank overdraft fees, Revolving Door ProjectSenior Researcher Vishal Shankar issued the following statement:

“The CFPB’s new proposed overdraft fee rule is an excellent effort to close a major loophole that has allowed Big Banks to rake in billions in predatory junk fees. Contrary to the banking lobby’s claims, these excessive surcharges are not necessary for the industry’s survival and are rarely properly disclosed to consumers. They are an exploitative invention of industry consultants that disproportionately punish the poorest and most vulnerable consumers. By refusing to cave to Wall Street’s well-funded lobbying campaign against overdraft fee rulemaking, CFPB Director Rohit Chopra has proved again why he is consumers’ best ally and corporate predators’ worst nightmare.”

Revolving Door Project Executive Director Jeff Hauser issued the following statement:

“The CFPB is doing what it was designed to do, and now the biggest threat is that America’s most exploitative companies want payoff for decades of corrupt investment in our nation’s courts by having the Supreme Court gut the Bureau itself. Civil society must plan to bring enormous pushback on Supreme Court Justices and other judges corrupted by the likes of Charles Koch and Harlan Crow if any of the CFPB’s common sense consumer protections are overturned by our sadly activist judiciary.”