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.

  • Blue_Morpho@lemmy.world
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    5 days ago

    It falls under the umbrella of fraud.

    That there isn’t a specific law about that specific practice is up to the courts to decide.

    If I obtained a new product from a new store using a new method I could still get arrested under the umbrella of “stealing” even though there wasn’t a specific law for my crime.