Tag Archives: consumer-financial-protection-bureau

The Consumer Financial Protection Bureau (CFPB) instituted a $5 cap on overdraft fees under President Joe Biden. Thankfully for major banking institutions — and unfortunately for working Americans — Donald Trump won the presidential election last November, and with his administration’s blessing, Republicans just advanced legislation to repeal the cap …

The Trump administration is looking to overturn a Biden-era rule limiting major banks’ ability to penalize customers with overdraft fees, a reversal that has major banking associations salivating at the mouth. Last week, House Financial Service Committee Chair French Hill (R-Ark.) and Senate Banking Committee Chairman Tim Scott (R-S.C.) introduced …