Platner Campaign Drills Collins for Siding With Banks in Senate Overdraft Fee Vote
"Susan Collins cares far more about protecting bank executives’ millions than protecting the rest of us from BS overdraft fees," said Platner's campaign manager.
Graham Platner's campaign is accusing Sen. Susan Collins of siding with banking interests after she joined Senate Republicans in blocking a Democratic measure to protect consumers from unexpected overdraft fees.
On Wednesday, the GOP voted largely along party lines against a set of Democratic resolutions aiming to restore Consumer Financial Protection Bureau (CFPB) policies killed by the Trump administration.
In what its acting director, Russell Vought, has described as an effort to effectively dismantle the bureau, which has been credited with delivering more than $21 billion in consumer relief since its creation, he has rescinded 67 policies that protected Americans from junk fees, medical debt, lending discrimination, and other financial abuses.
One resolution voted down Wednesday would have restored a scrapped CFPB guidance against debt collectors hounding consumers over false or inflated medical debts. Another would have reaffirmed that the bureau can scrutinize financial companies for predatory credit practices aimed at military families.
These Democratic resolutions were not expected to pass in a Republican-controlled Senate, but were instead meant to force Republicans to put themselves on the record as standing against consumer interests.
As President Donald Trump takes a beating from voters on the economy, the votes will serve as ammunition as Democrats run with the message that the GOP has "abandoned consumers and is making life more expensive for them," as the CFPB's architect, Sen. Elizabeth Warren (D-Mass), said on Wednesday.
Platner is already deploying that ammunition in one of November's marquee races, hammering Collins (R-Maine) for voting with the GOP against restoring a guidance enacted by the Biden administration that required banks to obtain customers' consent before charging overdraft fees for ATM and one-time debit card transactions.
"Last night, Susan Collins voted once again to make it easier for big banks to hit Maine families with predatory overdraft fees," his campaign said in an email on Thursday. "Her vote to block even a debate on restoring basic consumer protections was just the latest reminder of where Collins' real loyalties lie."
"There is no legitimate policy rationale for voting against basic consumer protections on overdraft fees,” said Platner's campaign manager, Ben Chin. “But Susan Collins cares far more about protecting bank executives’ millions than protecting the rest of us from BS overdraft fees. This vote is yet another example of this deeply unfortunate reality.”
According to data from OpenSecrets, Collins has received nearly $1.8 million this cycle in contributions from the financial sector, including more than $570,000 from private equity and investment firms, which the Platner campaign said were "among the most predatory actors in the American economy."
She's also received more than $44,000 from commercial banks and holding companies that have a particular interest in her stance on overdraft fees.
The Pine Tree Results PAC, which has thrown about $12.7 million behind Collins, likewise got nearly a third of its funding from figures in the financial sector, particularly in private equity and hedge funds with a broader interest in neutering the CFPB.
