Overview

• On Sept. 2, Senate Democrats sent letters to 25 institutions, including JPMorgan, Wells Fargo, Truist and PNC, as well as Woodforest National Bank and Arvest.
• Congress repealed the CFPB’s $5 overdraft-fee cap under the Congressional Review Act, and President Donald Trump signed the measure into law in May 2025.
• The letters ask whether banks intend to raise overdraft charges, whether they had planned to comply with the now-nullified rule, and how much overdraft revenue they expect to collect going forward.
• The lawmakers say overdraft charges fall heaviest on lower-income customers, noting nearly 80% of such fees are paid by under 10% of accounts and estimating the scrapped rule could have saved consumers up to $3.5 billion annually.
• The outreach comes as the administration moves to shrink the CFPB’s workforce after a court ruling, even as the bureau’s oversight since 2022 has returned nearly $250 million tied to overdraft practices.