this post was submitted on 18 Jan 2024
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“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.

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[–] the_post_of_tom_joad@sh.itjust.works 0 points 8 months ago (1 children)

I'll take your cynicism a step further.

The bureau with consumer protection in its name didn't even come up with a zero number. It's not even in the cards. From the protection bureau.... Fuck me

[–] cupcakezealot@lemmy.blahaj.zone 3 points 8 months ago (1 children)

because a) republicans deeply oppose it and b) republicans already gutted the powers that the cfpb has under trump

[–] MegaUltraChicken@lemmy.world 2 points 8 months ago

Like 99/100 times the answer to "why haven't Democrats done more" is "GOP fuckery".