Senate Vote Overturns CFPB Rule, Allows Banks To Charge High Overdraft Fees

In a recent decision, the U.S. Senate voted 52-48 to overturn a rule from the Consumer Financial Protection Bureau that would have capped overdraft fees at big banks to a reasonable $5. Instead, banks are now permitted to charge fees upwards of $35 per transaction. This vote has been characterized by advocates as a $21 million gift to big banks at the expense of working families. The Consumer Financial Protection Bureau had aimed to address regulatory gaps exposed by the 2008 financial crisis. Nationally syndicated columnist Charlene Crowell shares more information on today's Rhythm & News podcast.

Interview by Chris B. Bennett.