- cross-posted to:
- news@kbin.social
- politics@lemmy.org
- politics@beehaw.org
- cross-posted to:
- news@kbin.social
- politics@lemmy.org
- politics@beehaw.org
“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.
And they will listen to banks and not the public.
Wait so Biden introduces a plan to at LEAST halve overdraft fees and we’re whining before anything even happens? Is it not reasonable to at least take input from the industry you’re regulating? Don’t you want to know how they will respond and what impact they foresee, biased or not?
Until it happens, it’s the same as BBB, the minimum wage increase, and the public option. Something Democrats say they want to do. Now they just need an excuse to not do it.
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…
If they only listened to the banks they wouldn’t propose the rule at all.
banks are the ones implementing them and they don’t have to listen to the cdpb, thanks to the supreme court, so it’s best to work with them
If they don’t have to listen to it, it’s not a rule.
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
because a) republicans deeply oppose it and b) republicans already gutted the powers that the cfpb has under trump
Like 99/100 times the answer to “why haven’t Democrats done more” is “GOP fuckery”.