Newark— December 16, 2024– New Jersey Citizen Action (NJCA) today applauded the CFPB’s final rule announced last week to lower and limit bank overdraft fees while also urging New Jersey’s Congressional delegation to protect the rule against legislative challenges The rule is expected to save consumers $5 billion per year nationwide.

“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. “ said Beverly Brown Ruggia, Financial Justice Program Director for NJCA. “We thank the CFPB for continuing to protect Americans from unfair junk fees, and urge our entire New Jersey delegation to do all they can to protect the rule from any challenges that might arise in Congress.” 

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New Jersey Citizen Action is a statewide coalition and grassroots organization that fights for social, racial, and economic justice for all.