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.
Great another fee that will be reversed in 3 weeks. How about doing this shit four years ago?I should not let my bad mood make me post reactionary nonsense without looking into it further.
No you were right, cfpb is under the executive, he could have done this day one.