‘Waterfall of fees’: Schumer warns of consequences of GOP effort to dismantle Consumer Financial Protection Bureau

amNewYork Posted on March 31, 2025

In the midst of a public battle to dismantle the Consumer Financial Protection Bureau (CFPB), U.S. Senator Chuck Schumer raised the alarm on what he calls the “final leg” of a quiet plan to increase bank fees for millions of Americans.

Schumer revealed on March 30 that Republicans in the House plan to vote on Tuesday, April 1, to overturn the CFPB’s overdraft fee rule. The rule, designed to cap most big bank overdraft fees at just $5, could be scrapped if the GOP moves forward with its plan, he warned.