Senate Minority Leader Chuck Schumer has voiced strong opposition to Republican efforts to overturn the Consumer Financial Protection Bureau's overdraft fee rule, which caps fees at $5. He argues that scrapping this rule will result in significant financial burdens for millions, especially in New York, where households could face an additional $225 per year in bank fees. Schumer emphasizes that this change represents a troubling alignment with big banks and urges Republicans to reconsider their position, asserting that such fee increases are unnecessary and harmful to working families.
The rule saves consumers more than $5 billion annually in excessive overdraft fees, and its removal could cost households at least $225 more per year—likely even more in New York.
Schumer argued that banks do not need to impose these high overdraft fees, calling them an unnecessary financial burden on working families.
If the Republicans let this one fee fly, a waterfall of fees will follow, and it is New Yorkers that will feel the brunt.
I urge my GOP colleagues to reverse course here and reject overturning this overdraft rule to put money back in people's pockets and out of the hands of big predatory banks.
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