UnidosUS Decries Overturn of CFPB Overdraft Rule

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Cap on overdraft fees would have provided relief to working families, saved consumers $5 billion each year 

WASHINGTON, DC — Today, the United States House of Representatives voted to overturn the Consumer Financial Protection Bureau’s (CFPB) final rule lowering overdraft fees to $5 at banks and credit unions with more than $10 billion in assets. The rule was projected to save consumers $5 billion per year. 

Eric Rodriguez, senior vice president of Policy and Advocacy at UnidosUS, the nation’s largest Latino civil rights and advocacy organization, issued the following statement in response: 

“This shortsighted decision is yet another action that fails to address the real challenges working-class American families face, worsening the economic stress they already endure due to rising costs of everyday necessities like housing, groceries, health care and child care. In fact, our latest Latino voter poll found that over 60% of Latino voters cited economic concerns as their top priority. Research shows that one third of working-class consumers pay overdraft fees each year, and our June 2024 survey found that 30% of Latinos paid an overdraft fee in the past year. This decision will only deepen these financial burdens.  

“The CFPB’s rule would have provided much-needed relief to struggling families across the nation. Currently, 60% of Americans live paycheck to paycheck, household debt is at an all-time high and poverty levels are nearly as high as they were in the 1970s — yet wages and income have remained stagnant.    

“To truly help working-class Americans, we need policies that lower overdraft fees and credit card interest rates, while also raising the minimum wage to at least $17 per hour. UnidosUS will continue to hold Congress accountable for its promises to improve conditions for working-class families.” 

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