Economics

476 readers

103 users here now

founded 2 years ago

336

The Biden Administration is ‘cracking down’ on banks by imposing a $5 cap on overdraft fees, calling them ‘junk fees’ (finance.yahoo.com)

submitted 5 days ago by MicroWave to c/economics

61 comments fedilink hide all child comments

Summary

The Biden Administration, through the Consumer Financial Protection Bureau (CFPB), is capping overdraft fees at $5, down from $35, starting Oct. 1, 2025.

The move, targeting “junk fees,” could save U.S. consumers $5 billion annually.

The CFPB suggests banks adopt cost-based fees or offer overdraft credit lines while disclosing interest rates.

Industry groups oppose the rule, and its future is uncertain under a Republican-controlled Congress and the incoming Trump administration.

you are viewing a single comment's thread
view the rest of the comments

[–] TrickDacy 3 points 5 days ago

The amount of effort expended in this comment is apparent