Lawmakers voted to invalidate a rule adopted last year by the Consumer Financial Protection Bureau. It now moves to the House.

Summary:

The Senate voted Thursday to strike down a rule capping most bank overdraft fees at $5, a measure adopted late last year by the Consumer Financial Protection Bureau that had been expected to save Americans billions of dollars per year.

Senator Josh Hawley, Republican of Missouri, was the lone Republican to oppose the resolution, which passed on a nearly party-line vote, 52-48. It will now move to the House, where Representative French Hill, the Arkansas Republican who leads the Financial Service Committee, introduced a parallel resolution last month.

The rule would have limited the fees banks and credit unions could charge when customers spend more than they have in their accounts, typically $35 per overdraft. The bureau estimated it would save American households $5 billion a year. It was immediately challenged in court by banking trade groups.

Personal opinon:

Call your bank and tell them to turn off overdraft protection now.

  • barneypiccolo@lemm.eeEnglish
    27·
    3 days ago

    It’s important to understand that it is now the philosophy of the Sociopathic Oligarchs and their trans-national corporations, that every person should die penniless, with nothing to pass on to their children.

    When people reach middle age, and a bit older, they start to need their health care more, which is tied to their jobs, which are harder to find as you get older. That makes older workers more reliant on those jobs, making them more manipulative, and more accepting of abuse.

    The wealthy don’t like the fact that many older workers get inhertitances from one side of their marriage or the other, or perhaps both, and then suddenly they have options, and dont need the safety of their company any more. They can afford to find a lower stress job, or start their own (possibly competing) business, or they might just retire.

    None of that is good for the wealthy. They want workers who are good little wage slaves, fully dependent on sociopaths to support their families. So now the strategy is to impoverish as many as possible before their deaths, so they have nothing to pass on to their children, to give them easier lives as they age.

    So keep the banks fees up, keep property insurance high, keep property taxes high, and most of all make health care wildly expensive, difficult to access, predatory and parasitic. We always hear about most bankruptcies being cause by medical bills, which is frightening to most people, but music to the Sociopathic Oligarchs’ ears. Those are people who had money, and lost it all, including their children’s inheritance.

    Of course the other tendril of the strategy is to kill Social Security, Medicare, and Medicaid, so people will work literally until their deaths. Retirment is for the wealthy. The rest of us need to keep grinding.