WASHINGTON — Today, Hip Hop Caucus’ Economic Justice, Justice Paid In Full Campaigns Director Stephone Coward II issued the following statement in response to the Consumer Financial Protection Bureau’s new finalized rule which limits bank overdraft fees from $35 to $5:
“The Consumer Financial Protection Bureau’s (CFPB) new overdraft protections are a resounding victory and economic justice for families and communities that have been relentlessly targeted by predatory lending systems. As a former banker, I’ve witnessed firsthand how excessive overdraft fees inflict significant financial trauma on consumers and exemplify banks’ persistent prioritization of profit over people.
At Hip Hop Caucus, we know that prioritizing people and making a profit aren’t mutually exclusive. Through our growing Bank Black & Green campaign, we aim to establish an equitable banking system that strengthens the economic power of frontline communities of color through consumer financial protections, supports Black Minority Depository Institutions (MDIs) to deepen investments in a green economy, and reinforces commitments to not financing extractive industries like fossil fuels and mass incarceration.
We call on Congress to uphold CFPB’s overdraft decision and protect families from predatory fees and practices.”
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