Elizabeth Warren, Bernie Sanders Question JPMorgan Chase, Wells Fargo, Other Banks On Exorbitant Overdraft Fess: Report

Elizabeth Warren (D-Mass.) Bernie Sanders (I-Vt.) and Richard Blumenthal (D-Conn.) have reportedly written to major banks, seeking clarification on the potential impact of the Trump administration’s rollback of a financial regulation.

Banks Face Scrutiny As Trump Reverses CFPB Rule

The Democratic senators have reached out to 25 banks, including JPMorgan (NYSE:JPM) and Wells Fargo (NYSE:WFC), to request details on overdraft fees. These fees are imposed when consumers spend more money than they have in their accounts, Fortune reported. The letter, sent on Tuesday, also highlights the potential impact of the rule that President Donald Trump overturned in May 2025.

The Consumer Financial Protection Bureau (CFPB), an agency partly shaped by Warren under the Dodd-Frank reforms, finalized a rule in late 2024 aimed at closing a loophole that ...