Exclusively: Democratic Senate members are pressing large banks after Trump kills the base of the open clouds that imposed $ 5

In a letter sent to 25 banks on Tuesday, Warren’s request, along with Senator Richard Blumentel (D-Conn) and Senator Bernie Sanders (D-VT), information about the open cloud fees, or the charges imposed by banks when consumers spend more money than their novels.

The Consumer Financial Protection Office, an agency designed by Warren partial as part of Dodd-Frank, Put the final touches on the base In late 2024, a vulnerability was closed that allows banks to charge open drawing fees. According to the message sent on Tuesday, since 2022, the CFPB supervisory procedures related to the open drawing fees led to the recovery of approximately $ 250 million for consumers. President Trump has signed a draft law led by Republicans in the law in May 2025 that canceled the base.

The message comes amid a broader legal battle between Democratic lawmakers and the Trump administration, which has to request To lay off 90 % of workers In CFPB and reflected many of its last rules, including around it Open banking servicesOr the ability of consumers to transfer their financial data between different institutions.

CFPB future

While many American organizational agencies, such as the Securities and Exchange Committee, focus on overseeing major financial institutions, CFPB is the only body whose primary mandate imposes consumer rights, with its rooted authority in the 2008 financial crisis. Since its establishment, the office has become a shocking rod for conservatives, where Republican lawmakers seek to end its financing and restrict its authority.

Although the office’s opponents faced legal barriers, the Trump administration participated in a CFPB campaign effectively by laying off the vast majority of its employees and Recruitment With members of the Ministry of Government Efficiency in Elon Musk, or Doug. The courts are still receiving reforms, although the office enforcement activity has been greatly limited.

This included setting rules during the Biden era, including provisions related to open-ended drawing fees-one of the historical reforms of the office over the past few years. The letter sent by the Democratic Senate members on Tuesday targeted the ten banks that brought more in the open cloud revenues, which they said represent tens of millions of dollars.

Democrats have argued that exposed drawing fees can serve as a form of Debanking, or to remove access to banks for different types of consumers – a practice owned by the Trump administration and many of its supporters Try to end. In a speech on Tuesday, the authors said that the overwhelming clouds are targeted by an overwhelming majority of Americans with low income, with approximately 80 % of the excessive excessive fees imposed on less than 10 percent of the accounts. They estimated that the base would have saved consumers up to $ 3.5 billion annually. According to the minority of the Senate Banking Committee, one of the banks targeted by the Citizen Bank, receives 35 dollars per accident with up to five fees per day and received $ 100 million of open cloud revenues in 2023.

The 2024 CFPB base could have allowed larger banks for an open cloud fee, but it was restricting it on $ 5, or instead the costs of providing exposed withdrawal services, and classifying them under lending laws. Republican lawmakers, such as the Chairman of the Financial Services Committee in the French Parliament Hill (R-Ark), have argued that they are Don’t want The federal government determines its prices.

With Democrats in the Senate minority, Warren has a much lower power as a member of the Banking Committee. With Tuesday’s speech, it aims to collect more data on how to change the base recovery from the bank’s approach to the open drawing fees.

“Trump’s chaotic policies and half -baked are enhancing ruin on the economy.” “The uploading of the open drawing fees in the wake of the cancellation of this rule will be unforgivable.”

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