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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.
May 14, 2026
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the bureau, which has been credited with delivering more than $21 billion in consumer relief since its creation, he has rescinded 67 policies that protected Americans from junk fees, medical debt, lending discrimination, and other financial abuses.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.
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Trump 'Too Busy Siding With Wall Street,' Says Warren as US Credit Card Debt Crisis Explodes
A new analysis shows that over 40% of all US adults are unable to fully pay off their credit cards each month, leaving them trapped in "cycles of persistent debt."
Mar 17, 2026
US President Donald Trump promised repeatedly during his 2024 campaign to temporarily cap credit card interest rates at 10%, but—in the face of Wall Street opposition—he has done nothing concrete to fulfill that pledge since returning to the White House.
That failure, according to an analysis released Tuesday, has so far cost Americans $134.5 billion in interest payments. Every day, The Century Foundation (TCF) and Protect Borrowers estimate, US credit card holders are accruing $368 million more in interest than they would have if rates were capped at 10%. The average interest rate for credit cards in the US is currently around 25%, according to a Forbes measure.
In January, Trump called on Congress to approve a 10% cap on credit card interest rates for one year, and bipartisan legislation has been introduced in both the House and the Senate. But the president has not pressured bank-friendly Republicans to back the measure, and he vowed earlier this month to refuse to sign any legislation that reaches his desk unless lawmakers approve a massive voter suppression bill that is likely dead in the Senate.
“Trump could work with Congress to deliver on his promise to cap credit card interest rates at 10%—saving the average American with credit card debt about $900 a year," Sen. Elizabeth Warren (D-Mass.) said Tuesday. "But he is too busy siding with Wall Street.”
The new analysis by TCF and Protect Borrowers shows that over 40% of adults in the US are "unable to pay off their credit card bills each month, trapping them in cycles of persistent debt that balloons ever-higher due to record-high, industry-inflated interest rates and predatory fees."
Collectively, around 111 million Americans carry more than $1 trillion in credit card debt month to month, according to the analysis, and more than 27 million Americans can't afford more than the minimum monthly payment on their cards.
"Americans’ monthly credit card payments have grown by nearly 40% since 2018, a trend that is continuing unabated under President Trump," TCF and Protect Borrowers found. "From 2018 to 2025, the average monthly credit card payment rose by $553, or 38% (from $1,441 to $1,994). This growth far outstrips inflation."
"Since Trump’s inauguration alone, the average annual amount that Americans pay in credit card bills grew by an additional $1,177 (from $22,756 to $23,933)," the groups added. "The pace of this growth suggests that, in large part due to soaring interest rates, families today devote more income to credit card payments than at any point in history."
The nation's worsening credit card debt crisis comes amid a broader affordability crisis in an economy that Trump has hailed as the "greatest" in history, despite all the glaring evidence to the contrary.
A West Health-Gallup Center on Healthcare in America survey published last week found that roughly a third of respondents—equivalent to more than 80 million Americans—said they have had to skip a meal, borrow money, cut back on utilities, or make other painful trade-offs to afford healthcare expenses over the last 12 months as prices continue to rise across the economy.
“Grocery, utility, and healthcare bills are piling up, and Americans are increasingly turning to credit cards—some carrying interest rates exceeding 22%—just to make ends meet,” Jennifer Zhang, policy, research, and data Analyst at Protect Borrowers and co-author of the new analysis, said Tuesday.
“President Trump promised to tackle crushing credit card interest rates by January 20 of this year," Zhang added, "but that deadline has come and gone."
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In Fox News Op-Ed, Warren Blasts Trump for Breaking Promise on Credit Card Rates
"While Trump claims he wants a credit card interest rate cap, his own regulators are helping out those very same Wall Street banks that are ripping off Americans."
Feb 23, 2026
Sen. Elizabeth Warren on Monday slammed President Donald Trump for breaking his promise to cap credit card interest rates.
In an op-ed published by Fox News, Warren noted that Trump last month gave the major US credit card companies a deadline of January 20 to set their interest rates at a maximum of 10% over the next year, or face some form of consequences.
However, that deadline has long since passed and Trump still hasn't done anything to punish the credit card firms for keeping their interest rates high.
What's more, Warren wrote, Trump and his administration have continued gutting the Consumer Financial Protection Bureau (CFPB), which could be used to launch an investigation into credit card billing practices.
"While Trump claims he wants a credit card interest rate cap," Warren argued, "his own regulators are helping out those very same Wall Street banks that are ripping off Americans and blocking states from protecting their citizens from sky-high loans."
The Massachusetts senator also slammed major financial institutions for claiming that capping credit card interest rates would lead to economic disaster.
"Give me a break," she said. "These are the most profitable financial institutions in the history of the world. There is no reason for them to demand 25% or 30% interest rates when smaller banks and credit unions are offering much lower credit card interest rates and are still making solid profits."
Warren revealed that she had a conversation recently with White House Chief of Staff Susie Wiles in which she made a case that it would be politically beneficial to pursue legislation on the issue, but so far the senator has not heard back about any follow-up plans.
"After six weeks, there’s no deal to help the American people," explained Warren. "We don’t need more speeches. We need an agreement on legislation and a commitment from the president to actually fight for it."
Trump's inaction on credit card interest rates came under fire last month from Mike Pierce, executive director of advocacy organization Protect Borrowers, who said that the president would need to lean harder on his congressional allies to make his promises a reality.
"Banks are charging the highest rates ever recorded—raking in windfall profits because both American life and Americans’ debts are more expensive," Pierce said. "If the president is serious about helping families, he needs his Republican allies in Congress to make this a top priority and stand up to the executives and lobbyists trying to protect banks’ bottom lines."
Matthew Stoller, senior researcher at the American Economic Liberties Project, was not surprised that Trump failed to live up to his credit card interest rate pledge.
"Shocker," he wrote in a social media post. "Trump was lying about his 10% credit card interest rate cap."
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