Disappointed in the comments here so far. There’s a cardinal rule of improv that also works well for many other things in life, politics included: “yes, and”.
This is a great change that will save folks money and make the country just a little bit fairer. Celebrate that, and then use the momentum to push for more. This builds alliances and a shared vision, instead of devolving into petty squabbles around direction.
It’s definitely a start.
You can please some of the people some of the time, but none of the people all of the time.
Do you mean all of the people none of the time?
Same difference
“all of the people none of the time” means you will never please 100% of everyone. As in, maybe some people, but not everyone.
“none of the people all of the time” means you will always please 0% of people.They’re very different statements.
How so?
“I can please none of the people all of the time,” equates to, “I can always please no one,” or… “I can never please anyone.”
This is not the same as, “I can please all of the people none of the time,” which is, “I can never please everyone.”
This seems very important to argue with a stranger about
It’s the principal of the matter. (See subject headline)
literacy is hard mkay
“I can please none of the people all of the time,” reads to me as there is no one you can please every time; i.e. you will disappoint everyone at some point. Which I feel is as true as not being able to please everyone.
I hear you. Look into the difference between contraposistive and converse.
I love this reply.
Holy shit how are Boe Jiden’s consumer protection agencies so based all day long? Not only do we have this EXCELLENT SHIT from the CFPB, we also get the constant anti-trust lawsuits from QUEEN Lina Khan, who is making the FTC relevant again!
Antitrust has been dead for generations, and for the first time in my+grandparents lifetime we see the government trying to reign in the travesty that is American corporatism. Fuck damn I love to see it!
Also capped insulin prices and old people drugs. The man is speedrunning pothole legislation, oh yeah and he literally fucking made a national pothole fixing Bill.
Biden is definitely going down like Carter where 2 decades later everyone benefits from his presidency and are like “fuck he was actually pretty good”.
I would hold off on any antitrust wins. That record is mixed at best.
They’re trying for the first time in forever, I count that as a win
Idk you gotta start somewhere
Leave me out of this 😁
The banking industry opposes caps on overdraft and credit card late fees
I’m shocked
I love all the little things his administration keeps doing, and they’re good. I just wish he had some big initiative he could hang his hat on. Little things like this - while good - don’t really get people excited and aren’t the sea change(s) we need.
I know, a big part of that is congress.
But damn surely there’s a lot more ballsy stuff that could have been done by now. Weed not being federally legalized yet is stupid, for one thing.
There are a lot of big things that would be celebrated if our media covered it differently and if Biden was as self-aggrandizing as Trump.
But the little things are really what make me want to vote for Biden again. This is competent governing. In my field, I’ve seen how the little things lead to big things. Like the approval of off shore wind farms that were stalled under Trump are now approved and constructed leading to the first utility scale offshore wind farm in the US. A huge accomplishment from one little approval.Trump will probably campaign saying, “In 2024 I reduced junk fees,” and his people will believe him.
The Inflation Reduction Act is one of the most significant pieces of legislation in a long time
You’re right that it was a big deal.
What makes you say “of all time” though? That seems like an exaggeration but I’m interested in why I may be wrong.
It gets the US within spitting distance of the 2030 target of %50 of 2005 emissions.
This is great and all, but yeah. This is “yay, the world is very slightly less crappy.”
Would you rather nothing was done?
Seriously. These people are fucking babies.
We need interest caps and a social safety net so people don’t have to turn to 29% predatory lending.
That kind of commie talk makes St. Reagan cry.
Interest caps mean that poor people just won’t get any credit at all.
Yeah, because lenders are going to turn down 10% if they can’t get 29%…
10% guaranteed is more than enough to motivate lenders.
It’s never truly guaranteed, even if there’s collateral.
Guaranteed as in rate of return for the lender…
Like, yeah, there’s some breakage, but your return on investment is going to be close to interest rate.
Buy a stock and you might beat 10%, you might not.
Buy debt, and you get your interest or sell it to a third party for a smaller amount, likely still more than the amount loaned, just piled high with interest.
It’s not guaranteed because a lot of people default of their loans.
And collateral can lose value after the loan is issued.
If you are credit worthy and lenders can give you 10% they will, because there is another lender out there that will give you 10% if you are good for it. If you are getting a 29% interest rate it’s because you are a default risk, it’s unsecured, a short term loan, or any combination of the 3.
Rates just don’t come out of thin air. It’s based off of risk. If you cap rates at 10% then the only people who will get credit at 10% are going to be wealthy people.
If you are getting a 29% interest rate it’s because
That’s credit card interest…
And we’re talking about credit cards…
At least I am, and everyone else. Because this is the comment section of an article about credit cards.
If you’re talking about something else, maybe you should let people know? Or at least be understanding when others can’t read your mind.
I’m talking about all types of credit, including a line of credit like a credit card. It’s unsecured so the rate is way higher. If you capped the rate on credit cards then people who are higher credit risk won’t be given credit.
People who are credit worthy get spammed with all sorts of credit card offers for low APR cards. With an high 700-800 credit score you could score a line of credit at 10% APR but you’d have to go to a bank or credit union to get it.
Sure, if it’s annual 1000% that’s bullshit and predatory. But let’s not go overboard and cap it at at 5% because interest rates fluctuate and some people won’t get credit unless the rate is a bit higher
Those are weird numbers to pull out of the air based on what you replied to.
5% is the interest rate right now, so it’s not out of the air
Great step forward. Now eliminate debit card overdrafting and those fees.
They’re capping them too.
Sweet
The U.S. Chamber of Commerce said it would be filing a lawsuit against the CFPB "to prevent this misguided and harmful rule from going into effect.”
Don’t hold your breath. The current state of the judiciary is nakedly hostile to administrative law generally and bank regulations specifically.
Keep an eye on Consumer Financial Protection Bureau v. Community Financial Services Association of America, Limited. Might not even have the CFPB for much longer.
You likely will see most small banks end their overdraft programs as they will have too many losses without a way to make it back up on the fee income. Then the community banks will lose customers to the Bank of America type mega banks leading to less competition and worse banking conditions.
And people who spend money they don’t have will still be charged fees. Instead people will get charged fees on the other end for writing bad checks or missing payments due to auto payments being rejected for non sufficient funds.
Watch the credit card companies switch to charging late fees per day instead of per month that you’re late.
… will close a loophole to slash late fees charged by credit card companies from an average of $32 to $8, which the agency projects will save $220 annually for 45 million Americans.
Someone double check my math here. But I’m reading this statement to say that 45 million Americans are - on average - late on 10 credit card payments each year. That’s probably not a good sign of a healthy economic outlook.
49% of Americans can’t afford a 1000$ emergency. I can see why you would use your credit card, try to pay it with your next paycheck, paycheck is late (because of course it is) then miss credit card payment.
Those are very thin margins that a lot of Americans deal with.
Yeah, but something like that is happening 9 or 10 times a year for 45 million Americans. That’s crazy!
$220 / ($32 - $8) looks like a little over 9 to me also. Wow. That’s a lot of people struggling, probably trying to stay afloat paying off cards with other cards and missing more payments.
Yeah I freak out if I accidentally pay a card late. I can’t imagine the stress of missing that many payments a year. At some point, you’re just in a hole and digging to get yourself out.
Even though banks will still be able to charge limited overdraft fees, it won’t be able to exceed the banks’ losses under the rule. The CFPB has not finalized an amount but is exploring overdraft fees capped at $3, $6, $7, or $14, plus $.50 per transaction. The overdraft rule is currently under review.
They need to move their asses on this one. I think many banks charge $25-35 for an overdraft, an absurd amount of money that is obviously being charged to someone who doesn’t have money.
I know somethat charge that DAILY!
Legalized loan sharking.
While they’re at it, why not cap processing fees as junk fees? It for sure doesn’t cost 2.9% of your grocery bill to facilitate the payment- it’s all automated and there’s little to no labor involved in the actual processing, it’s just collecting economic rent
Or 30% to deliver an app.
Fuck it, just make everything free
Let’s cap fees doctors can charge for missing an appointment. Since doctors seem to want to schedule months out sometimes shit comes up and we don’t know our schedule months away.
The system is overwhelmed and you are scheduled months out because there are so many people waiting ahead of you. If you cancel appropriately that spot can be given to someone else that is waiting. As a patient I want higher punitive fees on people that don’t cancel appropriately - not to stick it to them but to encourage them to actually call ahead and cancel so more spots can open up. This is not the same as junk fees.
I’d rather have $20 per hour that a doctor keeps me waiting.
My doctor cancelled on me and pushed my appointment back 30 days, oh by the the way, your referral expires before your next appointment now… Fucking hell.
Okay. Why can’t they just get rid of the fees altogether? Why do we need to have ANY kind of junk fees for anything? Oh wait, I know. To make rich people richer.
They actually should, because they already change interest far in excess of LIBOR.
Like they’re going to just take the lack of those fee profits off the bottom line. Look forward to the new and/or increased yearly fees now.
Is your suggestion to just continue to pay the companies whatever they ask for without a fight?
It wasn’t a suggestion at all.
I was just saying that we, the consumer are going to end up paying for it somehow or another.
then why have any consumer protections? and why have a minimum wage?
They are just going to make up for it with higher prices right? Let’s make min wage $1 so we can all enjoy low prices. right?
You are playing into their hands
Even if that was the end result, still better than now as it would be a planned expense rather than an additional weight on people in financial trouble
Have to start somewhere. This might move the fees upfront and keep people from getting trapped when the person doesn’t read all the fine print.
Just extend that to medical care, and we Gucci… How about outlawing punitive deductibles for health insurance?
Yes but still won’t keep late payments from potentially wrecking your credit.
But they should, that’s what credit is for. I understand that one day late shouldn’t matter and every time I called my bank they cancelled the fee and the lateness of the payment.
But if you’re a month late, it reflects on your credit worthiness
