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