Protections Against Unfair and Abusive Overdraft Fees Should Be Strengthened
The 24 undersigned community, consumer, civil rights, and faith groups write regarding the Consumer Financial Protection Bureau (CFPB or the Bureau)’s review of the 2009 Regulation E overdraft opt-in rule under the Regulatory Flexibility Act (RFA). Weakening the opt-in rule in any way is clearly unsupportable; rather, protections against unfair and abusive overdraft fees should be substantially strengthened. Today’s overdraft fee practices undermine trust in this nation’s banking system, permitting banks to thrive by shattering the financial lives of their most vulnerable customers. Financial...