this post was submitted on 30 Dec 2024
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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] 2 points 4 days ago* (last edited 4 days ago) (1 children)

Only if you ignore the fact that he tried such tactics with the EPA to curb emissions and the courts ruled they didn't have lawful rights to make those changes without them being directly voted on by Congress. Similar happened with him trying to expand student loans forgiveness with the SAVE act within the department of education. Both of those fall under the executive branch, yet neither got through. Which just goes to show this being under the executive branch does not mean they can get it past the courts unless the conservative judges that blocked those allow it.

[–] [email protected] 1 points 4 days ago (1 children)

Except the court has upheld both qualified immunity and presidential absolute immunity; meaning Biden could order the executive to ignore the court as past presidents have done.

[–] [email protected] 2 points 4 days ago (1 children)

That's not what immunity is. It would make him immune from prosecution for attempting to perform the act, but the act would still be stopped if they don't want it to occur.

Ignore the court as past presidents have done? Can you name one time this has happened, because unless you are referring to Abraham Lincoln in the 1800s who was never challenged, I don't know of any such events.

The President is not a king

[–] [email protected] 1 points 4 days ago (1 children)

Andrew Jackson for one. But no, with immunity the act can be done and there's not much anyone except Congress can do.

[–] [email protected] 1 points 4 days ago* (last edited 4 days ago) (1 children)

So your saying President: "Banks you can only charge $5" Courts: that's not constitutional JP Morgan: "fuck off president"

What is the country going to take them to court and lose?.. who already would have stated the outcome of the case before it started

[–] [email protected] 1 points 4 days ago (1 children)

Arrest the bank president, hold them indefinitely without trial. Executive is the enforcement branch, they decide what actually gets done.

[–] [email protected] 0 points 4 days ago* (last edited 4 days ago) (1 children)

The bank would sue immediately. The President would be thrown out and we would have to pay restitution out of the tax payers money.

It would be a good step at destroying the democratic party though. You decided to illegally arrest the leader of a large corporation, and hold them with no legal means. Really it can ONLY go bad. And the president would definitely be considered a dictator until he was disposed of.

Edit: The executive branch isnt to make up rules/laws, as we have seen this corrupt court stick to the idea that presidents who aren't Republicans must go through Congress to have rules approved, which they just don't need to listen to his requests, as we saw with him requesting this as a bill in 2021.

[–] [email protected] 1 points 4 days ago (1 children)

Again with what actual authority? Only Congress can remove a president. The lie you were taught that there are checks and balances is observably false. The courts only have power if the executive lets them have power, otherwise there is nothing they can do.

Their orders require enforcement.

[–] [email protected] 0 points 4 days ago* (last edited 4 days ago) (1 children)

Yes, Congress would impeach him without a second thought. Both the Republicans and Democrats would. Every member of congress thats election was funded by any corporation would vote so. The majority of the country would vote to if they had a choice. A, he's a Democrat, and B he went against the democratic Republic he is supposed to be serving.

I wasn't taught lies, you seem to be lying to yourself on how this country is run though. It sounds like you just want a dictatorship

Note: look what happened in Korea, it would be similar. Notice he didn't magically have all the power. Impeachment and arrest warrant I believe currently.

[–] Blue_Morpho 0 points 3 days ago (1 children)

As we saw with Trump, impeach does absolutely nothing.

I believe US laws are Byzantine enough that a claim that a law was broken would be possible. A claim that a law was broken is the only thing needed to justify an arrest. It then goes to court to see if the law actually was broken.

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

Impeach did nothing with Trump because the Senate was held by the Republican party and chose not to have him removed. Both houses have to agree for the removal.

[–] Blue_Morpho 0 points 3 days ago (1 children)

It's a 2/3 majority in the senate to remove. Republicans do not control 2/3rds.

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

Yes? What are you trying to say? The votes are public, you can look to see which Republicans voted to have him removed and which didn't for both removals. 67 votes needed as you said. He was acquitted both times by the Senate. Senstors like Mitt Romney voted for removal both times I believe.

[–] Blue_Morpho 1 points 3 days ago (1 children)

You claimed Biden would be impeached if he allowed a bank executive to be arrested.

I said even if he was impeached it wouldn't matter. Republicans don't have the 2/3rd majority to dismiss him.

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

I also said the Democrats would vote to dismiss him. I doubt anyone would not vote to remove him as he would be clearly ignoring the checks and balances and if Congress allowed him to ignore the Supreme Court, it would mean he congress wouldn't have the power to balance anything either if they didn't. Aka a full on dictatorship. Even the skevy Congress members would vote to keep power and order

[–] Blue_Morpho 1 points 3 days ago (1 children)

Trump had his minions overrun the capital in an attempt to assassinate the vice president along with key Democrats and Republicans didn't vote to convict.

Democrats absolutely would not vote to convict over a bank executive being charged with a crime and arrested.

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

Except it isn't a crime, no written law as Congress decided they didn't want it, so there are no charges, and the courts said it's unconstitutional... So the arrest was illegal, the detaining is illegal and I'm not sure why it's even a debate as it would never happen because the president isn't dumb enough to do that.

Also if they didn't vote to remove him the U.S. populous should forcibly remove him, for overthrowing a democracy.

[–] Blue_Morpho 0 points 2 days ago

It falls under the umbrella of fraud.

That there isn't a specific law about that specific practice is up to the courts to decide.

If I obtained a new product from a new store using a new method I could still get arrested under the umbrella of "stealing" even though there wasn't a specific law for my crime.