"Biden Administration Proposes Rule to Cut Bank Overdraft Fees and Save Consumers Billions"

The Biden administration has proposed a new rule aimed at reducing bank overdraft fees to as low as $3, potentially saving families $3.5 billion annually. The rule would close a regulatory loophole allowing banks to charge high fees, and financial institutions with over $10 billion in assets would be affected. While the proposal has drawn criticism from industry groups, it aims to provide relief to vulnerable Americans and promote fair lending practices.