CFA submitted a statement for the record to the U.S. Senate Banking, Housing, and Urban Affairs Subcommittee on Financial Institutions and Consumer Protection’s today for their hearing on “Examining Overdraft Fees and Their Effects on Working Families.” CFA wrote to highlight the continuing issue that pervasive, costly overdraft and nonsufficient fund (NSF) fees cause for consumers— especially given that these fees are borne predominately by those who can least afford them. CFA applauded some banks that have made significant changes to their overdraft programs, especially those that have ended all overdraft fees. While these actions are a huge benefit for these banks’ customers, these measures are insufficient by themselves to make systemic change. CFA also reinforced previous comments about various fintech products and services that collect "tips." Given the substantial harm caused by overdraft fees as they currently stand, CFA asked Congress and federal financial regulators to take decisive action to stop abusive overdraft fees at all financial institutions and to establish safeguards to ensure these fees to not come back.