The Biden Administration is ‘cracking down’ on banks by imposing a $5 cap on overdraft fees, calling them ‘junk fees’
The Biden Administration is ‘cracking down’ on banks by imposing a $5 cap on overdraft fees, calling them ‘junk fees’
The banks are vowing to fight the decision.
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.
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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.
Only if you ignore the fact that he tried such tactics with the EPA to curb emissions and the courts ruled they didn't have lawful rights to make those changes without them being directly voted on by Congress. Similar happened with him trying to expand student loans forgiveness with the SAVE act within the department of education. Both of those fall under the executive branch, yet neither got through. Which just goes to show this being under the executive branch does not mean they can get it past the courts unless the conservative judges that blocked those allow it.
Except the court has upheld both qualified immunity and presidential absolute immunity; meaning Biden could order the executive to ignore the court as past presidents have done.
That's not what immunity is. It would make him immune from prosecution for attempting to perform the act, but the act would still be stopped if they don't want it to occur.
Ignore the court as past presidents have done? Can you name one time this has happened, because unless you are referring to Abraham Lincoln in the 1800s who was never challenged, I don't know of any such events.
The President is not a king
Andrew Jackson for one. But no, with immunity the act can be done and there's not much anyone except Congress can do.
So your saying President: "Banks you can only charge $5" Courts: that's not constitutional JP Morgan: "fuck off president"
What is the country going to take them to court and lose?.. who already would have stated the outcome of the case before it started
Arrest the bank president, hold them indefinitely without trial. Executive is the enforcement branch, they decide what actually gets done.
The bank would sue immediately. The President would be thrown out and we would have to pay restitution out of the tax payers money.
It would be a good step at destroying the democratic party though. You decided to illegally arrest the leader of a large corporation, and hold them with no legal means. Really it can ONLY go bad. And the president would definitely be considered a dictator until he was disposed of.
Edit: The executive branch isnt to make up rules/laws, as we have seen this corrupt court stick to the idea that presidents who aren't Republicans must go through Congress to have rules approved, which they just don't need to listen to his requests, as we saw with him requesting this as a bill in 2021.
Again with what actual authority? Only Congress can remove a president. The lie you were taught that there are checks and balances is observably false. The courts only have power if the executive lets them have power, otherwise there is nothing they can do.
Their orders require enforcement.
Yes, Congress would impeach him without a second thought. Both the Republicans and Democrats would. Every member of congress thats election was funded by any corporation would vote so. The majority of the country would vote to if they had a choice. A, he's a Democrat, and B he went against the democratic Republic he is supposed to be serving.
I wasn't taught lies, you seem to be lying to yourself on how this country is run though. It sounds like you just want a dictatorship
Note: look what happened in Korea, it would be similar. Notice he didn't magically have all the power. Impeachment and arrest warrant I believe currently.
H.R.4277 - Overdraft Protection Act of 2021
He started this in 2021. Remember he had to start his 4 years trying to wrangle inflation going buck wild. The guy's not the greatest possible president but he has been working towards shit like this for all 4 years. What we should ask is why did it take so long to pass Congress... Because if the effective start date of a bill occurs during their presidency the Republicans can take credit. Kind of like how Trump changed the sentences of those 3000+ people, and then Biden got the blame by Republicans for pardoning the 1500 left as per the agreement written and signed in March 2020.
why did it take so long to pass Congress
H.R.4277 never did pass Congress; it didn't even make it to a vote in the House. This new policy is coming from the CFPB.
Also Biden did not pardon those 1500; he commuted them to time served.
Yeah the commuting is what was written up in in the Cares act in 2020.
The point of the first part was that he didn't wait until 2024 to do it.. he's been trying to do it since 2021 and getting road blocked. Why it isn't getting road blocked now? Well it might be to soon to see.. but I suspect it'll go through now