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.
In reality the people who just want to survive will accept the half loaf and progress stagnates.
do you expect that starving them will get them to do something that will cause progress? Won’t progress suffering even more with the full loaf? Don’t you see at all who actually wins in the no loaf scenario because not everyone has no loaf or half a loaf at any time. Personally from my experience there is no need to prime folks greed. I find 99% of people will always go for more and the few that don’t are generally better when they can be that way than forced to pretend they are making progress. Its one reason I am a big universal income proponent. There is the myth that everyone will sit on their ass and do nothing but in actuality only a very very small percent of folks will do that and those folks likely cause more harm than good when forced to participate.
I’m not saying to starve them. I’m saying to push for the whole thing constantly which will probably end up with a half loaf of bread when barriers are thrown up, but there is an actual chance of getting the whole loaf in a reasonable period of time instead of proposing the half loaf and ending up with a quarter loaf for another century.
Oh thats fine. There seems to be a lot of stuff thats like this sucks, whats the point, it should be better, we should not even be supporting this because better. Certainly we should push for it but its understandable someone in a leadership position will try to get what they view as winnable and then progress to the next step as opposed to going for the whole thing when the end result will be nothing or worse regression. If we regress all of a sudden getting the whole loaf is still behind where we were.