Senator Warnock’s months-long push to lower bank fees is gaining momentum following the Consumer Financial Protection Bureau’s (CFPB) announcement that the agency is taking steps to protect Georgians from junk fees, including surprise overdraft fees

CFPB guidance to banks warns that overdraft fees are “likely unfair and unlawful under existing law”

Senator Warnock has spoken out against the unfair practice of overdraft fees, pushing big banks and Washington to take action

Senator Reverend Warnock: “This is a good step but Georgians are still hurting because of predatory fees. I’ll keep pushing Washington to curb onerous bank fees that hurt hardworking Georgians’ pockets”

Washington D.C. — U.S. Senator Reverend Raphael Warnock’s (D-GA), months-long push to lower bank fees is gaining momentum following the Consumer Financial Protection Bureau’s (CFPB) announcement that the agency is taking steps to protect Georgians from junk fees, including surprise overdraft fees. As the chair of the Senate Banking Subcommittee on Financial Institutions and Consumer Protection, which has jurisdiction over the CFPB, Senator Warnock has spoken out against the unfair practice of onerous overdraft fees, pushing big banks and Washington to take action. The guidance warns that surprise overdraft fees are “likely unfair and unlawful under existing law.”

“I’ve been working hard to save Georgians money by pushing banks to eliminate burdensome charges, so I’m glad that after months of pressure the CFPB has issued guidance to help banks avoid charging junk fees, including surprise overdraft fees,” said Senator Reverend Warnock. “This is a good step but Georgians are still hurting because of predatory fees. I’ll keep pushing Washington to curb onerous bank fees that hurt hardworking Georgians’ pockets.”

Senator Warnock has been laser-focused on lowering costs for Georgians, including curbing predatory bank fees. In March, Senator Warnock led a series of letters to major banks urging them to lower or fully eliminate their overdraft fees. In May, as chair of the Senate Banking Subcommittee on Financial Institutions and Consumer Protection, Senator Warnock examined the financial services industry’s practices and innovations around overdraft fees and the negative effects those fees have on hardworking families. In September, Senator Warnock directly pushed the heads of Wells Fargo, JPMorgan Chase & Co., U.S. Bancorp, and the PNC Financial Services Group to eliminate onerous and confusing overdraft fees.

###