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.
This?? THIS is what they spend their time on??
This is what a GOP congress looks like. If you call yourself a fiscal conservative, I’m tell you what. Go fuck yourself.
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.
We need a general strike. Everyone needs to just stay home until we start seeing change
The solution?
Organize. Your. Fucking. Workplace.
Exactly. Unionize EVERYTHING!
Yep!
Organize your apartment buildings, into tenant unions!
Organize the block you live in.
Together we stand, divided we beg.
Michael Cohen became HitlerPig’s “Fixer” because there was a tenant’s strike in the HitlerPig-owned building where Cohen lived, and Cohen volunteered to kill the strike from the inside. He succeeded, and HitlerPig hired him.
Beware of snakes in the grass. Nazis always have informants sniffing around.
Removed by mod
wHaT aBoUt tHe EgG pRiCezSZ!?!?
“Good point, we could be fucking you much harder”
-Republicans
Donvict’s regressive taxes enter the chat…
Eggs.
Eggs.
Eggs.
Monorail!
Monorail!
Monorail!
Monorail!
bOtH sIdEs R sAmE!
Everyone who votes Republican deserves shit like this. But unfortunately we’re all stuck with them, and they seem incapable of learning.
Zeus forbid they learn something from…clutches pearls…liberals!
lol you can’t turn off overdraft protection. I fucking tried. They wouldn’t let me do it.
I am not using a major national bank, just a local/regional one from my hometown.
Find yourself a credit union. It will save you hundreds of dollars in fees, and they won’'t have bullshit rules like this.
in my experience the credit unions I am eligible for are no better than commercial banks.
The best credit unions are highly restricted to a small population with a common association. They aren’t made for the masses.
This is why those of us with good credit unions need to be helping out those who dont by getting them membership. (I have done this for 3 people so far, and am encouraging others to do it as well. Someone do it for Critical Thinker specifically. no one deserves overdraft fees.)
I tried the local credit union, same shit different name.
Sorry to hear that. Had amazing experience with mine - been using them for 20+ years - never paid a penny in fees, and they turned off OD protection for me when I opened the account. They even refund out of network ATM charges, and offer cashback rewards on my debit card.
You might have better luck with another union - there’s usually more than one in the area depending on where you’re located.
My bank let me! But then turned on some weird “margin” thing where if I overdraft, I just get charged 8% on a “loan”…which…is worse I think…and they didn’t tell me. FUN!
I get charged 10.5%. But it’s per year and only for the time im in debt. So when I take $1000 more than I have, but pay it back the next say when the salary comes, the Fee will be pennies.
When I’m a year in debt of 1000, it will be a Fee of $105
Not USA though.
Same here, I requested it to be turned off and they said no.
I dont think thats legal. They’re opt-in. You have to call them to enable it by default, as required by law.
Legally you can’t be forced to hand over your money, so just tell the armed robber, “no.”
You can be forced by violence to hand over your money if you have a contract you signed that stipulates you need to pay them
My point is theaw prevents the default contract from allowing them to setup overdraft protection, unless you explicitly ask for it.
My point is, what the law is doesn’t matter if the law is not enforced. Good luck fighting a team of lawyers that make more in a minute than you do in a year.
Republicans seemingly are free to fuck the poor and working citizen as hard as they want and they keep voting for more.
They’re either voting for it or staying home. Same difference. One would think people would eventually wake up but… Seems no.
What is so depressing is how I keep seeing that Democrats’ approval numbers are so low. The reaction to the Republicans getting more and more awful with each passing year is to…dunk on the Democrats. I’m assuming part of that sentiment is because the Democrats have not been given enough power to stop the Republicans from doing terrible things and that they have not passed all kinds of impossible purity tests…
I’ve spent my entire life watching the “minority” Republicans successfully squash, blockade, deflect, filibuster, or poison every single bill any Democrat has ever put forward to make anyone’s life better, while simultaneously presenting and passing their own bills that make everyone’s life worse in service of their own paycheck.
Now that the tables are turned and a similar sort of action is required of the Democrats to literally save the foundations of our democracy, they do nothing.
That’s why.
I’ve been a proud Democratic supporter and blue voter my entire life and I’ll continue to vote for them if I continue to not be offered better options. But I’m not happy about doing it anymore. I no longer trust the Democratic party to be a bastion against fascism and that’s just the long and short of it. The most basic showing of resistance against any of this bullshit probably would have locked in my vote for Democrats for the rest of my life, but they can’t even do that. We have Bernie Sanders and AOC doing the same things they’ve done their entire lives, and every other person is just sitting back in shock watching their office get looted and doing nothing about it.
I’m with ya, but TBH, the voters showing up could have helped a lot, too. Yes the likes of Schumer are infuriating but they were not really given much power - even it it would help if they would do even half of what the likes of McTurtle did in opposition. Sure, Kamala was not perfect, and her presidency would have had its share of problems, and likely would have been mostly “status quo”.
FFS, even if we could have kept the House and the Senate…
In any case, under Kamala, we would not be talking about people getting kidnapped/disappeared off the streets for disagreeing with Israel or having the wrong skin color…I sure hope the supposed “leftists” that proudly sat out and are still defiant about it even now, having learned nothing (and still telling Democrats that THEY have learned nothing, lol - JFC) are happy with themselves.
I’m sure that magical revolution they hope for from accelerationism will happen any fucking day now…things are going so swimmingly right now.
Recent actions taken by mainstream Dems:
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Among the thirty fundraising texts a week I get, I got a text with the wrong name telling me that Medicaid was fried because we “begged democrats to save it” but just didn’t donate enough money :( I can just imagine Pelosi turning to face the other democrats, their faces turned up to her like a bunch of whipped orphans, and sadly telling them that Christmas is cancelled because the donors simply didn’t put enough quarters in her back.
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Chuck Schumer had a perfect opportunity to take a stand and decided that being difficult with the fucking Nazis was just one line we can’t afford to cross just now. I guess Saturn’s in Pisces ATM, and, wouldn’t you know, the perfect conditions for taking a meaningful stand against the republicans have somehow failed to manifest for twenty years and counting. But don’t worry, we might have pushed the quit button for ourselves AGAIN, but if you donate a little bit more money, we’ll definitely get them next time.
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At Trump’s shitty speech, they all sat and waved their stupid signs while the only one of them with a fucking spine got walked out by security. Later, Democrats wearing #RESIST shirts politely walked themselves out of the building during the speech. Then they censured the guy with the spine.
I expect Nazi bullshit from the fucking Nazis. I expect the democrats to fucking show up and DO SOMETHING GOD DAMNIT.
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Dem approvals are so f’n low, because not even the dems remotely represent the working class, as a party. Some individuals in the party try to, but that dissent is squashed by party leadership.
How do you explain this party line vote then? They are leagues better than the alternative. Dems platform inherently requires an informed and participatory electorate which we don’t have.
Ya’ll don’t seem to understand that “leagues better” can still mean that they’re complete trash. From US citizens I’ve spoken to you also, in general, have absolutely zero concept of being able to criticize the people you voted for. The Democrats are garbage and “informed and participatory” voters know this well. Also you talk about voting along party lines but Democrats will regularly have a couple people cross the line, just enough to make it look like they actually care but enough that he Republicans keep getting whatever they want.
I do not envy the States for having their best option being such center-right dogshit.
I describe it at best, a good start, at worst, a little too late.
It’s because the old guard Democrats only offer “we aren’t Trump I guess!” and spend half their time chastising their own voting base for not doing enough for them. While they were sitting there during Trump’s speech doing their little sign thing with only one of them being willing to get thrown out, they were asking for donations. People get tired of that.
I watched a Jon Stewart interview with an interesting premise. The guy being interviewed made a point that Trump promises change immediately whereas Biden’s platform would have made the us and the world better over years, decades
You have a link? Or the name of the person interviewed?
Pretty sure it was Ezra Klein on the weekly show podcast with Jon Stewart. He went into detail about how even just distributing the funds for the broadband bill was just this Kafka-esque insane seven year process of infinite subcommittees and public review processes, and that was what Democrats wrote for themselves; it wasn’t made that way by Republicans to make it shitty, Dems happily blew their own feet off by making the bill’s workings as tortured and slow as possible.
Yes, that was it thanks
Certainly a big criticism of democrats has been they get nothing done but if you look at the legislation they really did get some far reaching improvements codified …… but then it takes years to implement so no one sees the results and the next president can cancel programs before anything is done.
One of the programs I was really frustrated by was building out EV chargers. Republicans had started complaining about nothing being done and the explanation was partly that it required states to figure out how to use it, but this could have been transformative for the EV transition. Now very little was done, the current president cancelled the program and started reneging on its commitments
Last summer I went on a 1,200 mile road trip in an EV and had no problems. But that was in the NorthEast where a lot of charging infrastructure has been built out. We really need to jump start this in a lot of the US where they don’t have the population for it to be immediately profitable. People need to think of it like highways, we don’t just build highways between cities where there’s enough population to make it worthwhile: we know that we’re all stronger with easier travel everywhere. Similarly, you should be able to refuel your vehicle everywhere you can travel with it
Nice to see the Senate hard at work on America’s most pressing problems.
Surprised democrats actually held the line on this one. Are they learning?
No, Republicans definitely had this in the bag. Had there been a chance it wouldn’t have gone through, at least a couple of them would have dissented and sided with the Republicans.
100%
Well we’ll see what happens in the senate…
Edit: I didn’t read words correctly. Guess that insurmountable filibuster thing really isn’t worth a damn is it?
Yeah, good point, they could’ve actually filibustered it and chose not to.
According to this non-paywalled coverage, there are times when the filibuster doesn’t apply to repealing laws:
The 1996 CRA gives Congress a 60-day window to repeal federal regulations with a simple majority vote in each chamber and the president’s signature. The clock resets in a new session of Congress for rules finalized toward the end of the previous congressional session.
Republican lawmakers are also eyeing CRA measures to repeal the CFPB’s larger participant rule for digital payment companies and its ban on the use of medical debt in consumer credit reports.
Funny how all the carveouts for the filibuster rules are all for stuff the Republicans care about: budget, appointments and apparently this regulation exception.
The filibuster serves its only purpose: preventing progressive legislation.
It’s really unfortunate. Most banks and credit unions turn on overdraft protection by default. And many of them make it difficult to turn it off (burying it in online app/site menus, requiring people to call in or go into a branch to deactivate it, etc.). They do this because overdraft fees are a massive source of profit for them.
But it’s pretty easy for people to get trapped in a vicious cycle of debt due to these fees. Most people don’t know they can turn these off, and some don’t even realize they are in place to begin with.
Back in the day, Wells Fargo would intentionally run higher charges first in their cycle so that people couldn’t skirt the edges of overdraft. Like, if someone made a $35 purchase, and three $1 purchases over the same two day period, they would immediately run the $35 purchase and then charge three overdraft fees for each of the $1 purchases instead of running the three $1 purchases first (even if they came first) and then charging a single overdraft fee when the $35 purchase hit.
I believe they got a fine for it.
I believe they got a fine for it.
They should be put up against a wall for it.
100%
Reminds me of years ago when I had an account at BoA in college. Had two $20-ish charges when I had $30 in the account, and they tried to charge me TWO overdraft fees because $40 > $30. They kept going round and round that I had $40 in charges but only $30 in the bank, so they overdrafted. I kept repeating “which charge hit first?” I swear they danced around that for like 15 minutes, first that they couldn’t tell, then that they came in at the same time. Finally I said “okay, let’s say charge 1 was first. What was my balance then? Okay, let’s say charge 2 was first - what was my balance then?”
Took far longer to even get them to admit the mistake than it should’ve.
Was the fine less than 1% of the profits?
And yet people continue to bank with Wells Fargo.
I never pass on the opportunity to say fuck Wells Fargo.
Thus, fuck Wells Fargo.
Furthermore, to echo a comment further down, up against the wall with those shitcunts.
I went in person and my bank flat out doesn’t allow you to turn it off.
Damn, that’s crazy.
Sounds like it’s time to find a new bank.
Edit: Although with these changes I wouldn’t be surprised if as bunch of banks start preventing people from turning it off. Credit unions might be a bit better though.
Makes me so fucking mad. Government is for the fucking people not the fucking corporations Jesus fucking christ
Line up sheeple, the fleecing is in progress
Of course if we had actual democratic leadership they’d be running ads about everything costing more because of Trump and saying Republicans want them to go deeper in debt paying for groceries when they can’t make ends meet.
Really looking out for the little guy, huh?
And this will hit the people hardest who voted for them.
