“Banks call it a service,” the president said. “I call it exploitation.”
The Biden administration unveiled a new rule Wednesday aimed at slashing bank overdraft fees to as low as $3, a move the president said would help end abusive practices by financial institutions.
Under the proposal, banks could continue to charge fees when a customer’s account falls below zero, but either at a price in line with the bank’s actual costs to administer the overdraft or at an established benchmark created by the new rule.
The Consumer Financial Protection Bureau (CFPB) proposed potential fees of $3, $6, $7 or $14 and is seeking feedback from banks and the public on what would be appropriate. Current overdraft fees often push $30 or more, taking a significant bite out of low-income accounts.
The main obstruction to min wage increases and public healthcare is certainly not Dems, right? Who fucked up Obamacare? Who’s repealing child labor laws? What party controls states with min wages at the federal minimum? I agree we shouldn’t count our chickens before they hatch, but one party is supplying the eggs here and the other is stomping on them gleefully…