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Groups oppose repealing the CFPB’s overdraft fee rule
More than 200 consumer advocacy and other groups signed on to a letter urging the House Financial Services Committee to oppose efforts to overturn the Consumer Financial Protection Bureau’s overdraft fee rule, which will reduce most overdraft fees from $35 to $5.

New CFPB overdraft fee rule will save consumers billions annually
Members of the Americans for Financial Reform coalition applauded the CFPB for finalizing a new rule that will protect consumers against overdraft fee abuses at the largest financial institutions.

Advocates urge CFPB to require transparency for remittance fee disclosures
In a letter to the CFPB, advocates asked the Bureau to amend the Remittance Rule, which governs fees, disclosures, etc. on international remittances, so that the total cost of a remittance is transparent.

Advocates support bill to increase protections for bank account and payment app users
Consumer Action was among supporters of federal legislation designed to protect consumers from fraud perpetrated via person-to-person payment apps and bank accounts, which resulted in reported losses totaling $10 billion in 2023.

Organizations comment on proposals to reform the bank merger process
Consumer Action added its name to comments to the OCC and FDIC regarding regulatory proposals to reform the bank merger process, which the organizations contend are strongly biased in favor of merger approval, with little consideration for how communities are impacted.

CFPB rule would curb abusive overdraft fees
Nearly 150 groups signed on to a letter expressing strong support for the Consumer Financial Protection Bureau’s proposed rule governing overdraft fees charged by the largest financial institutions.

Bank CEOs are urged to make good on promises to close racial wealth disparities
A hundred advocacy groups submitted letters to more than 40 bank CEOs urging them to make good on comments made to close racial wealth disparities and invest in traditionally underserved communities following the widespread racial justice protests of 2020.

More than 50 organizations support the Tax on Wall Street Speculation Act
In a letter to lawmakers, 52 organizations urged active support for the Tax on Wall Street Speculation Act of 2023, sponsored by Sen. Bernie Sanders (I-VT) and Rep. Barbara Lee (D-CA). By enacting a very small tax on the sales of Wall Street trades, the U.S. could begin to address income inequality and ensure Wall Street and the ultra-wealthy pay their fair share of taxes.

FDIC should downgrade FinWise Bank over predatory ‘rent-a-bank’ lending
A coalition of consumer advocacy organizations submitted a letter to the FDIC urging the agency to downgrade FinWise Bank’s Community Reinvestment Act rating in light of the bank’s providing assistance to several nonbank lenders that enables them to make high-cost predatory loans they could not make directly.

Regulation urged to rein in excessive overdraft fees
A dozen advocacy organizations joined the Center for Responsible Lending in urging the Office of the Comptroller of the Currency (OCC) to require that OCC-supervised banks reform their predatory overdraft fee programs.