Sen. Warnock releases statement on new federal overdraft fee protections

WASHINGTON, D.C. (WALB) - Senator Reverend Raphael Warnock released a statement, following the response to the Consumer Financial Protection Bureau’s announcement.

The proposal was to close a loophole that allows financial institutions to make hundreds of billions of dollars in profits from overdraft fees, per the release.

“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. 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.” says Senator Reverend Warnock.

Following an X post, formally known as Twitter, Sen. Warnock posted

Sen. Warnock releases statement on new federal overdraft fee protections(Senator Reverend Raphael Warnock)

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