"Biden administration proposes overhaul of big banks' overdraft fees"

The Consumer Financial Protection Bureau has proposed new rules to close a loophole that has allowed big banks to charge exorbitant overdraft fees, estimating that American consumers have paid $280 billion in such fees since 2000. The proposed regulations would apply to banks with more than $10 billion in assets and offer them two options for approaching commercial overdraft coverage. President Biden has criticized the exploitation of vulnerable Americans by banks and the proposed changes are part of the administration's effort to crack down on "junk fees."