The undersigned 201 consumer, civil rights, labor, legal services and community organizations and academics write to urge you to oppose efforts to overturn the Consumer Financial Protection Bureau’s overdraft fee rule, which will reduce most overdraft fees from $35 to $5, stop manipulative practices by big banks, improve transparency, and put $5 billion back into the pockets of everyday people and their families. The public widely views current overdraft fee practices as unfair.
The overdraft fee rule closes a paper-check era loophole that has allowed big banks to trick people into paying excessive overdraft fees and earn billions in profits off of the most vulnerable families. The rule lowers most so-called “courtesy” overdraft fees from $35 to $5, saving households that pay overdraft fees an average of $225 a year. The rule gives big banks a variety of options to cover overdrafts, including safer, more transparent overdraft lines of credit with no price limit and the same disclosure requirements as credit cards. The rule only applies to very large institutions with over $10 billion in assets, many of which have already adopted similar protections. Smaller banks and credit unions are completely exempt.
We urge you to stand with everyday people over big banks. Banks should not profit off the struggles of working families through excessive, back-end overdraft junk fees.
Yours truly,
- 20/20 Vision, National
- Accountable.US, National
- American Association of People with Disabilities, National
- American Friends Service Committee, National
- Americans for Financial Reform (AFR), National
- Blue Future, National
- CAARMA, National
- CAMEO Network, National
- Center for Economic Justice, National
- Center for Justice & Democracy, National
- Center for LGBTQ Economic Advancement & Research (CLEAR), National
- Center for Responsible Lending, National
- Center for Survivor Agency and Justice, National
- Coalition on Human Needs, National
- Consumer Action, National
- Consumer Federation of America, National
- Consumer Reports, National
- Demand Progress Education Fund, National
- Disability Belongs, National
- Disability Rights Advocates, National
- Equal Rights Advocates, National
- Faith in Action National Network, National
- Family Values @ Work, National
- HEAL (Health, Environment, Agriculture, Labor) Food Alliance, National
- Impact Fund, National
- Interfaith Center on Corporate Responsibility, National
- Justice in Aging, National
- National Association for Latino Community Asset Builders (NALCAB), National
- National Association of Consumer Advocates, National
- National Black Justice Coalition, National
- National Center for Law and Economic Justice, National
- National Coalition for Asian Pacific American Community Development (National CAPACD), National
- National Coalition for the Homeless, National
- National Community Reinvestment Coalition, National
- National Consumer Law Center (on behalf of its low-income clients), National
- National Consumers League, National
- National Disability Institute, National
- National Employment Law Project, National
- National Partnership for Women & Families, National
- National Women’s Law Center, National
- P Street, National
- People Power United, National
- Public Citizen, National
- Public Good Law Center, National
- U.S. PIRG, National
- Woodstock Institute, National
- Alabama Arise, Alabama
- Greater Birmingham Ministries, Alabama
- VOICES for Alabama’s Children, Alabama
- Alaska Public Interest Research Group, Alaska
- Arizona PIRG, Arizona
- Center for Economic Integrity, Arizona
- Community Investment Corporation, Arizona
- William E. Morris Institute for Justice, Arizona
- Arkansas Community Organizations, Arkansas
- OMNI Center for Peace, Justice & Ecology, Arkansas
- California Consumer Protection Attorneys Association, California
- California School Employees Association, California
- CALPIRG, California
- Consumer Federation of California, California
- Consumers for Auto Reliability and Safety, California
- Housing and Economic Rights Advocates, California
- Katharine & George Alexander Community Law Center, California
- Mission Asset Fund, California
- National Center for Lesbian Rights, California
- OneJustice, California
- Prof. Lauren Willis, LMU Loyola Law School, California
- Prof. Scott Maurer, Santa Clara Law, California
- Prof. Steven M. Graves, PhD, California
- State University, California Public Counsel, California
- Public Law Center, California Rise Economy, California
- The Greenlining Institute, California
- TURN–The Utility Reform Network, California
- Bell Policy Center, Colorado
- Colorado Center on Law and Policy, Colorado
- Colorado Fiscal Institute, Colorado
- CoPIRG, Colorado
- Towards Justice, Colorado
- Connecticut Fair Housing Center, Connecticut
- ConnPIRG, Connecticut
- Prof. Annie Harper, Yale University Department of Psychiatry, Connecticut
- Delaware Community Reinvestment Action Council, Inc., Delaware
- DC Consumer Rights Coalition, District of Columbia
- Health Care for America Now (HCAN), District of Columbia
- Legal Aid DC, District of Columbia
- Prof. Emerita Ann Shalleck, American University, Washington College of Law, District of Columbia
- Prof. Emeritus Arthur E. Wilmarth, Jr., George Washington University Law School, District of Columbia
- Student Borrower Protection Center, District of Columbia
- Tzedek DC, District of Columbia
- Affordable Homeownership Foundation Inc, Florida
- Florida PIRG, Florida
- Jacksonville Area Legal Aid, Inc., Florida
- Latino Leadership, Inc., Florida
- Georgia PIRG, Georgia
- Georgia Watch, Georgia
- Citizen Action/Illinois, Illinois
- Housing Action Illinois, Illinois
- Illinois PIRG, Illinois
- Legal Action Chicago, Illinois
- Legal Council for Health Justice, Illinois
- Indiana Community Action Poverty Institute, Indiana
- Indiana Legal Services, Inc., Indiana
- Prosperity Indiana, Indiana
- Iowa PIRG, Iowa
- Deacon Richard Murphy, Diocese of Owensboro KY, Kentucky
- REBOUND, Inc., Kentucky
- Habitat for Humanity St. Tammany West, Louisiana
- Coastal Enterprises, Inc., Maine
- Legal Services for Maine Elders, Maine
- Maine Center for Economic Policy, Maine
- Maine Equal Justice, Maine
- Maine People’s Alliance, Maine
- CASH Campaign of Maryland, Maryland
- Economic Action Maryland Fund, Maryland
- Maryland PIRG, Maryland
- Prof. Jeff Sovern, Univ. of Maryland
- Francis King Carey School of Law, Maryland
- Prof. Michele Gilman, University of Baltimore School of Law, Maryland
- Public Justice Center, Maryland
- Massachusetts Action for Justice, Massachusetts
- MASSPIRG, Massachusetts
- The Neighborhood Developers, Massachusetts
- Community Economic Development Association of Michigan (CEDAM), Michigan
- PIRGIM, Michigan
- Exodus Lending, Minnesota
- ISAIAH (MN), Minnesota
- Prof. Prentiss Cox, University of Minnesota Law School, Minnesota
- Missouri Faith Voices, Missouri
- MoPIRG, Missouri
- St. Louis Equal Housing & Community Reinvestment Alliance, Missouri
- R.A.A. – Ready, Aim, Advocate Committee, Missouri
- Economic Empowerment Center DBA Lending Link, Nebraska
- Women’s Fund of Omaha, Nebraska
- Legal Aid Center of Southern Nevada, Nevada
- 603 Legal Aid, New Hampshire
- New Hampshire PIRG, New Hampshire
- Housing and Community Development Network of New Jersey, New Jersey
- Manufactured Home Owners Association of New Jersey, New Jersey
- New Jersey Appleseed Public Interest Law Center, New Jersey
- New Jersey Citizen Action, New Jersey
- New Jersey PIRG, New Jersey
- Catholic Charities of Southern New Mexico, New Mexico
- New Mexico Center on Law and Poverty, New Mexico
- New Mexico Fair Lending Coalition, New Mexico
- New Mexico PIRG, New Mexico
- Prosperity Works, New Mexico
- United South Broadway Corporation, New Mexico
- Brooklyn Cooperative Federal Credit Union, New York
- Center for Elder Law & Justice, New York
- Church Women United in New York State, New York
- Empire Justice Center, New York
- Feerick Center for Social Justice, Fordham Law School, New York
- Fifth Avenue Committee, New York
- Genesee Co-op Federal Credit Union, New York
- Housing and Family Services of Greater New York, New York
- JustLeadershipUsa, New York
- Mobilization for Justice, New York
- New Economy Project, New York
- New York Legal Assistance Group, New York
- New Yorkers for Responsible Lending, New York
- NYS Community Equity Agenda, New York
- Prof. David Reiss, Cornell Law School & Cornell Tech, New York
- Volunteer Lawyers Project of CNY, Inc., New York
- WESPAC Foundation, Inc., New York
- NC State AFL-CIO, North Carolina
- NCPIRG, North Carolina
- North Carolina Council of Churches, North Carolina
- North Carolina Justice Center, North Carolina
- Prof. Alexandra Sickler, University of North Dakota School of Law, North Dakota
- Red River Valley Community Action, North Dakota
- Community Legal Aid, Ohio
- Ohio PIRG, Ohio
- Ohio Poverty Law Center, Ohio
- CASA of Oregon, Oregon
- Oregon Consumer Justice, Oregon
- OSPIRG, Oregon
- Community Legal Services of Philadelphia, Pennsylvania
- PennPIRG, Pennsylvania
- Economic Progress Institute (Rhode Island), Rhode Island
- Rhode Island PIRG, Rhode Island
- Community Fresh Start, South Carolina
- Latino Community Development, South Carolina
- South Carolina Appleseed Legal Justice Center, South Carolina
- Shelby County TN, Trustee, Tennessee
- Brazos Valley Affordable Housing Corporation, Texas
- Pathfinders, Texas
- Prof. Neil Sobol, Texas A&M University School of Law, Texas
- RAISE Texas, Texas
- Texas Appleseed, Texas
- TexPIRG, Texas
- United Way of Central Texas, Texas
- ValleyInterfaith, Texas
- Vermont Legal Aid, Vermont
- Prof. Irene Leech, Virginia Tech, Virginia
- Virginia Citizens Consumer Council, Virginia
- Virginia Organizing, Virginia
- Virginia Poverty Law Center, Virginia
- Statewide Poverty Action Network, Washington
- WashPIRG, Washington
- Mountain State Justice, Inc., West Virginia
- WisPIRG, Wisconsin
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