Summary
The Biden Administration, through the Consumer Financial Protection Bureau (CFPB), is capping overdraft fees at $5, down from $35, starting Oct. 1, 2025.
The move, targeting “junk fees,” could save U.S. consumers $5 billion annually.
The CFPB suggests banks adopt cost-based fees or offer overdraft credit lines while disclosing interest rates.
Industry groups oppose the rule, and its future is uncertain under a Republican-controlled Congress and the incoming Trump administration.
Only if you ignore the fact that he tried such tactics with the EPA to curb emissions and the courts ruled they didn’t have lawful rights to make those changes without them being directly voted on by Congress. Similar happened with him trying to expand student loans forgiveness with the SAVE act within the department of education. Both of those fall under the executive branch, yet neither got through. Which just goes to show this being under the executive branch does not mean they can get it past the courts unless the conservative judges that blocked those allow it.
Except the court has upheld both qualified immunity and presidential absolute immunity; meaning Biden could order the executive to ignore the court as past presidents have done.
That’s not what immunity is. It would make him immune from prosecution for attempting to perform the act, but the act would still be stopped if they don’t want it to occur.
Ignore the court as past presidents have done? Can you name one time this has happened, because unless you are referring to Abraham Lincoln in the 1800s who was never challenged, I don’t know of any such events.
The President is not a king
Andrew Jackson for one. But no, with immunity the act can be done and there’s not much anyone except Congress can do.