AGs Urge Congress to Keep CFPB Rule Limiting Overdraft Fees

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  • A group of 23 Democratic AGs and Hawaii’s Office of Consumer Protection sent a letter toS. House of Representatives leaders urging them to vote against House Joint Resolution 59, which would overturn the CFPB’s 2024 Rule limiting overdraft fees by large financial institutions.
  • In their letter, the AGs argue that the purported bases for discarding the Rule—which includes the argument that without fees, banks will no longer offer overdraft protection—do not hold water, noting that many banks have already eliminated overdraft fees but still provide overdraft protection.
  • On April 9, 2025, the House voted to overturn the CFPB Rule, and the resolutions effectuating the Rule’s repeal have been sent to President Trump for his signature.
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