In response to Senate Republicans voting to repeal the CFPB’s overdraft fee cap rule, DNC Rapid Response Director Alex Floyd released the following statement:

“The CFPB has put nearly $20 billion back in Americans’ pockets, and now Donald Trump and his MAGA cronies want to harm consumers to boost Wall Street’s bottom line. After Trump and his billionaire Cabinet moved to shutter the CFPB, Senate Republicans are trying to let big banks go back to ripping off millions of Americans and burying them in fees. Working families are already suffering under Trump’s failing economy, and this latest vote is just another attack on their pocketbooks.”

NEW: Senate Republicans voted to rip away a Consumer Financial Protection Bureau rule that caps bank overdraft fees at $5, stripping Americans of “billions of dollars per year.”

New York Times: “The Senate voted Thursday to strike down a rule capping most bank overdraft fees at $5, a measure adopted late last year by the Consumer Financial Protection Bureau that had been expected to save Americans billions of dollars per year. …

“The rule would have limited the fees banks and credit unions could charge when customers spend more than they have in their accounts, typically $35 per overdraft. The bureau estimated it would save American households $5 billion a year. …

“‘Repealing the C.F.P.B.’s overdraft fee limits will hurt working families who are already struggling with high prices and inflation,’ said Chuck Bell, the advocacy program director at Consumer Reports.”

Donald Trump and his corrupt billionaire Cabinet have already moved to shutter the Consumer Financial Protection Bureau, an extremely popular agency that has successfully returned $19.7 billion to working families.

CNN: “Consumer watchdog ordered to stop fighting financial abuse and to work from home as HQ temporarily shuts down”

“Vought had sent an email Saturday night ordering all employees at the consumer watchdog to stop virtually all work — including fighting financial abuse.

“‘Effective immediately, unless expressly approved by the Acting Director or required by law, all employees, contractors and other personnel of the bureau shall…cease all supervision and examination activity,’ Vought wrote in the email, a copy of which was viewed by CNN.”

Lake Research Partners: “[N]early 4 in 5 say they favor the agency (79%).

“Voters are overwhelmingly supportive across party lines. Two-thirds of independents (64%), three quarters of Republicans (75%), and over eight in ten Democrats (86%) support the CFPB. Intensity among Democrats is particularly high – a majority strongly favor the agency (51%).”

Consumer Financial Protection Bureau: “As of January 30, 2025, CFPB enforcement actions have resulted in:

“$19.7 billion in consumer relief … 195 million people eligible for relief … [and] $5 billion in civil money penalties” 

USA Today: “Thousands of complaints submitted by Americans to the Consumer Financial Protection Bureau alleging fraud or scams from private companies are going unanswered following President Donald Trump’s efforts to dismantle the agency, Senate Democrats argue in a new report. …

“The daily average of complaints submitted to companies has dropped to 2,067 since Feb. 13, a decline of 80% from the pre-Trump rate.”

The CFPB has a long, successful track record of holding banks and corporations accountable for fraud, scams, and discrimination while putting money back in the pockets of working families, veterans, and students. 

Consumer Financial Protection Bureau: “[T]he Consumer Financial Protection Bureau (CFPB) [ordered] Regions Bank to pay $50 million into the CFPB’s victims relief fund and to refund at least $141 million to customers harmed by its illegal surprise overdraft fees.”

Politico: “Wells Fargo Slammed With $3.7B Penalty, In Record CFPB Settlement”

Washington Post: “Bank of America agreed Wednesday to pay nearly $800 million in penalties for deceiving millions of customers into buying costly and unneeded services when they signed up for credit cards.” 

Consumer Financial Protection Bureau: “CFPB Announces Return of $1.8 Billion in Illegal Junk Fees to 4.3 Million Americans Harmed in Massive Credit Repair Scheme”

Military Times: “Troops will get part of a $5M settlement in alleged title loan scam”