rich 1.0 Action Network https://actionnetwork.org <link href='https://actionnetwork.org/css/style-embed-v3.css' rel='stylesheet' type='text/css' /><script src='https://actionnetwork.org/widgets/v6/letter/take-action-to-end-overdraft-fees-as-we-know-it?format=js&source=widget'></script><div id='can-letter-area-take-action-to-end-overdraft-fees-as-we-know-it' style='width: 100%'><!-- this div is the target for our HTML insertion --></div> Patriotic Millionaires https://actionnetwork.org/groups/patriotic-millionaires https://can2-prod.s3.amazonaws.com/groups/default_facebook_images/000/254/238/original/PatMillz.jpg?1657828704 The Consumer Financial Protection Bureau (CFPB) is using its authority to tighten regulations and limit excessive overdraft fees, capping charges at a maximum of $14. Under this new regulatory rule, some overdraft fees would even be capped at just $3 This is substantially less than the $35 fee most banks currently charge. The CFPB’s new rule will protect working people from falling further and further behind when they’re at their most vulnerable. According to the CFPB, revenue from overdraft fees hit an estimated $12.6 billion in 2019, the highest single year on record.. In 2022, Wells Fargo and JPMorgan Chase alone accounted for one-third of overdraft revenue for banks over $1 billion. In total, 23 million households pay overdraft fees every year, costing $3.5 billion annually. We must be clear about the impact of these fees. About 90% of all overdraft fees are paid by only 10% of consumers[3], further expanding income inequality and increasing the cycle of debt for people already struggling to make ends meet. The Consumers Bankers Association, Wall Street and other bank lobbying firms have spent over $2.6 million in lobbying against this proposed rule in 2023. It is imperative that the CFPB hear from you, and not just the corporate lobbyists trying to kill this rule. Click “START WRITING” to submit your official comment to the CFPB in support of the new proposed rule today. https://actionnetwork.org/letters/take-action-to-end-overdraft-fees-as-we-know-it