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

submitted 3 weeks ago by MicroWave to c/economics

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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.

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[–] [email protected] 1 points 3 weeks ago (1 children)

Real change doesn’t happen through compromise.

I get the strong feeling You've never had to negotiate anything important in your life. Idealism is not reality. It's fun to daydream about though.

[–] spankmonkey -1 points 3 weeks ago (1 children)

"Alwaya start negotiations with your final offer."

-you

[–] [email protected] 0 points 3 weeks ago

Point proven.