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The Consumer Financial Protection Bureau on Thursday announced the final version of a rule limiting banks’ ability to charge overdraft fees. It says the rule will save American consumers $5 billion annually. The CFPB said that its overdraft rule will take effect Oct. 1, 2025, though its ultimate fate is unclear.The Consumer Financial Protection Bureau on Thursday announced the final version of a rule limiting banks’ ability to charge overdraft fees. It says the rule will save American consumers $5 billion annually.The regulator said that banks could opt to charge $5 for overdrafts — a steep drop from the average fee of around $35 per transaction — or limit the fee to an amount that covers the lenders’ costs, or charge any fee while disclosing the interest rate of the loan.“For far too long, the largest banks have exploited a legal loophole that has drained billions of dollars from Americans’ deposit accounts,” CFPB Director Rohit Chopra said in a statement. “The CFPB is cracking down on these excessive junk fees and requiring big banks to come clean about the interest rate they’re charging on overdraft loans.”The effort, part of a flurry of activity from the CFPB in the waning days of the Biden administration, faces stiff opposition from U.S. banking groups that have successfully stymied other efforts from the regulator. For instance, a rule capping credit card late fees at $8 per incident that was set to take effect in May has been held up in federal court.The CFPB said that its overdraft rule will take effect Oct. 1, 2025, though its ultimate fate is unclear.Even before the election victory of Donald Trump last month, the fate of the overdraft rule would’ve been murky, thanks to industry pushback. But Trump is expected to install a new CFPB head next month that is unlikely to support Biden-era efforts to rein in banking activity.Bank lobbying groups have argued that the overdraft rule, first proposed in January as part of Biden’s war on junk fees, would reduce access to overdraft services and could send customers to worse alternatives like payday loans.The Consumer Bankers Association said Thursday it was “exploring all options” to push back against the rule.This story is developing. Please check back for updates.

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21.12.24 06:15

by nbcsandiego.com

4 ways I treat myself during the holidays—they all cost $0

I’ll admit it: I buy $7 oat milk cappuccinos and chocolate croissants before I run errands on Saturdays. When my friends indulge themselves in yoga classes and an afternoon of shopping, they call it “a Meg Day.”December Meg is different. Like the vast majority of Americans, I can’t avoid feeling stressed around the holidays. I have to tighten my budget to make sure I can afford cranberry-flavored cocktails at holiday parties and the $80 Skims bodysuit on my sister’s wish list — or risk credit card debt.But when it’s cold, it’s dark and the airports are packed with people who act like they’ve never been through a TSA line before, I need extra energy to meet my end-of-year deadlines. So, I’ve come up with a happy medium. I’m continuing my usual borderline-indulgent self-care routine, but I’m substituting activities that cost $0.Here are four ways I’m making a little extra time for myself this holiday season that aren’t chores, and don’t cost a dime.Free attractionsEvery city I’ve lived in, big or small, is full of twinkling lights and free or low-cost community events around the holidays.In New York, where I currently live, museums often have designated free or discounted timeslots. You can find other free events here — like tango lessons, silent discos or stargazing on The High Line — fairly easily on social media.DON’T MISS: The ultimate guide to earning passive income onlineWhen I lived In Adrian, Michigan, I checked local college, government and news websites — plus Eventbrite pages and Facebook groups — to find those events, from holiday concerts to tree lighting ceremonies.This year, I’m attending a lights show and going to a downtown Christmas market with my family back in Grand Rapids, Michigan. My sister promises that she’ll help me refrain from buying hot chocolate in a boot-shaped mug.Window shoppingDreaming about next year’s wardrobe instead of buying it is a fairly obvious way to save cash, if you have enough self-control. But window shopping is tricky for me. I’ll never be able to resist a discounted pair of Miista boots.Instead, I take different routes home so I can see as many holiday-decorated streets as possible — a different form of window shopping with fewer financial consequences. Sometimes, someone will leave their living room lights on, and I’ll catch glimpses of evergreen trees adorned in lights, gigantic reflective red bulbs, and paper angels.Some of my co-workers pursue similar activities that activate their senses, like trying on fragrances, shopping for candles or patrolling grocery store aisle for free samples. It’s a smart suggestion: Activating your five senses is a easy way to relieve anxiety, studies find.Turn my living room into a café — or my bathroom into a spaI have two hobbies I’m actually good at — ice skating and writing — and at least 12 I’ve tried once and never picked back up again. I’d like more time to master all of them.My editor had a good idea: Grab a cozy blanket, put on your favorite playlist, make yourself a fancy hot drink and practice...