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The Biden administration proposed strict rules for the banking industry. It wanted to increase capital requirements for banks. The Trump administration has taken a different route. It aims to maintain or reduce capital requirements. It has also looked to eliminate “debanking,” which is the act of terminating or denying banking and financial services to an individual or business.
But what does this mean to you? Debanking was a significant problem during the Biden administration. Meanwhile, banks were concerned about proposed capital increases. Both issues affect Americans.
CFPB Overdraft Rule Repealed
The Consumer Financial Protection Bureau (CFPB) finalized a rule in December 2024 that would have capped overdraft fees at either $5 or an alternative price at the institution’s costs.
