Accountable.US, a progressive government watchdog group, launched on Thursday a high-profile ad campaign intended to support the Consumer Financial Protection Bureau’s proposed overdraft rule. The progressive group’s ads are one part of a high-pitched lobbying effort by groups on both sides of the issue.
The digital ads will run through February on several news sites, entertainment apps and weather apps in the Capitol Hill area of Washington, D.C. The ads display a message stating, “Big Banks Charge Overdraft Fees to Rake in Billions. Be a bank lobbyist’s worst nightmare & learn more about their greed.” The ads provide a link to one of the group’s websites, DefendAmericanConsumers.org, which contains details about the group’s consumer protection activities.
The CFPB released its long-awaited overdraft fee proposal last month. It would only apply to financial institutions with at least $10 billion in assets; the CFPB estimates it would cover the 175 largest credit unions and banks in the nation. The agency said that, if finalized, the rule likely would go into effect in October 2025.
The rule set off a flurry of campaigns in favor of the rule and opposed to it.
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