Trump is determined to make our lives worse in every way imaginable…
By signing two congressional rollbacks,
Trump has gutted crucial rules from the
Consumer Financial Protection Bureau that were designed to protect average Americans.
The overdraft rule was intended to limit banks and credit unions from charging overdraft fees of over $5 or the amount required to cover the institution’s costs/losses. It was particularly helpful for poorer Americans who live paycheck to paycheck and who are often preyed upon by powerful banks.
The CFPB stated that the rule would have saved consumers close to $5 billion a year, the amount that these institutions rake in from overdraft fees. Some charge as much as $35 per overdraft.
Republicans opposed the rule because it hurt the profits of the banking industry. As always, MAGA prioritizes corporate profits over the American people.
The second rule gave the CFPB much-needed oversight of digital wallets and payment apps controlled by companies like Amazon, Apple, Block, Google, PayPal, and Venmo.
Because the rules in question were signed during the final months of Biden’s term, they were vulnerable under the Congressional Review Act.
Once again we see Donald Trump reaching into the pockets of the middle class and poor to further enrich already powerful institutions.
