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.
Oh yeah Biden, way to show the repubes on your way out 😎
Edit: i knew this would get downvotes, idgaf though. I even voted for Harris. I’m tired of the Democrats just ceding ground to Republicans over everything and never once showing any fucking backbone
They began work on this in January 2024.
Small victories are better than no victories i guess ¯\_(ツ)_/¯
It will get reverted but hey DNCs need a good deadline after being destroyed in the election
The amount of effort expended in this comment is apparent