New Jersey Citizen Action has expressed approval for the Consumer Financial Protection Bureau's (CFPB) recently announced final rule aimed at reducing and capping bank overdraft fees. The organization is also calling on New Jersey's Congressional delegation to support the rule against potential legislative challenges. The CFPB estimates that this new regulation will save consumers approximately $5 billion annually across the United States.
Beverly Brown Ruggia, Financial Justice Program Director for New Jersey Citizen Action, highlighted the burden these fees place on consumers. "These fees, which are as high as $35 regardless of the overdraft amount, have become a multibillion dollar business for banks, and are a constant drain on the kitchen table budgets of so many New Jerseyans struggling to make ends meet," she stated. Ruggia also expressed gratitude towards the CFPB for their efforts in safeguarding Americans from what she described as "unfair junk fees" and urged New Jersey lawmakers to protect the rule from any challenges in Congress.
