With one foot out the door, the Biden administration’s CFPB announced a new rule to cap overdraft fees that banks charge when spotting borrowers' money. Fortunately, the Trump administration’s subsequent efforts to rein in the CFPB ought to make similar future policy mistakes less likely. This is especially welcomed given that capping overdraft fees would be particularly harmful to those with fewer means, as they would be at most heightened risk of losing this available line of credit. This is doubly saddening considering the (often emergency) circumstances that may compel one to overdraft from their account in the first place.
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