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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 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.