Should be expanded to identify any and all predatory fees and burn them at the stake. Feels like the FTC or Bureau of Consumer Protection should take this up as their top priority.
Well the USA is known to only tackle problems as they arise instead of before they could do damage.
Creates a freedom for companies to exploit and consumers often cant or wont sue them.
Almost makes populist Argentine president Javier Milei's "pack 300 of your ideas into a mega-decree that effectively becomes law with immediate effect until/unless parliament gets around to repealing parts of it with a 2/3 majority" strategy look like the more sensible approach.
Gonna take it you didn't read the article, because this literally is the Consumer Financial Protection Bureau:
Under the proposal, banks could continue to charge fees when a customer’s account falls below zero, but either at a price in line with the bank’s actual costs to administer the overdraft or at an established benchmark created by the new rule.
The Consumer Financial Protection Bureau (CFPB) proposed potential fees of $3, $6, $7 or $14 and is seeking feedback from banks and the public on what would be appropriate. Current overdraft fees often push $30 or more, taking a significant bite out of low-income accounts.