AG Rob Bonta issued a statement after Congress overturned a Consumer Protection Financial Bureau (CFPB) rule that would have limited overdraft fees to $5. Currently, banks usually charge $35 for an overdraft. The rule was expected to have saved Americans billions of dollars each year. “Congress just voted to increase bank fees, overturning a CFPB rule that would have saved hardworking American families billons a year — this directly harms consumers already struggling with affordability and the ripples of inflation,” said Attorney General Bonta. “Let me be clear: by allowing big banks to charge high overdraft fees, Congress is paving the way for wealthy banks to get wealthier, and for working class people to be squeezed even further.”

This Will Hurt: Attorney General Bonta Issues Statement on Congress Dumping Rule to Limit Costly Overdraft Fees | State of California – Department of Justice – Office of the Attorney General