The banks are vowing to fight the decision.

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.

  • TachyonTele@lemm.ee
    21·
    6 days ago

    Real change doesn’t happen through compromise.

    I get the strong feeling You’ve never had to negotiate anything important in your life. Idealism is not reality. It’s fun to daydream about though.