Senator Reverend Warnock is chair of the Senate Banking Subcommittee on Financial Institutions and Consumer Protection

In November at a Democratic Policy and Communications Committee lunch, the Senator pushed Consumer Financial Protection Bureau Director Rohit Chopra to do more to address junk fees and overdraft fees

Senator Reverend Warnock: “Big banks shouldn’t be padding their profits on the backs of struggling Georgia families, and this announcement is an important step in the right direction”

Link to Senator Warnock’s social post HERE

Washington, D.C. – Today, U.S. Senator Reverend Raphael Warnock (D-GA), chair of the Senate Banking Subcommittee on Financial Institutions and Consumer Protection, released the following statement in response to the Consumer Financial Protection Bureau’s announcement of a proposal to close a loophole that allows financial institutions to make hundreds of billions of dollars in profits from overdraft fees. For more information on this announcement, click here.

“I’m glad the Biden Administration has acted on an issue that I’ve highlighted for years in the Senate. Wealthy bankers are using exorbitant overdraft fees to take hard-earned money out of Americans’ pockets and line their own,” said Senator Warnock. “This announcement is good news for Georgia’s small businesses and working families. Big banks shouldn’t be padding their profits on the backs of struggling Georgia families, and this announcement is an important step in the right direction.”  

Since joining the Senate in 2021, Senator Warnock has championed reducing and eliminating harmful and onerous fees. In November at a Democratic Policy and Communications Committee lunch, the Senator pushed Consumer Financial Protection Bureau Director Rohit Chopra to do more to address junk fees and overdraft fees. In his capacity as Chair of the Senate Banking Subcommittee on Financial Institutions and Consumer Protection, the Senator has helped lead efforts urging the country’s largest banks to lower or eliminate overdraft fees, pushed regulators to set a temporary moratorium on overdraft and nonsufficient fund fees, and chaired a Banking committee hearing examining the financial services industry’s practices regarding overdraft fees and the effects those fees have on hardworking families. In July, the Senator questioned Pennsylvania Attorney General Michelle Henry on whether federal standards addressing hidden fees would make it easier to prevent these deceptive practices.

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