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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 5 days 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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[–] 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.