The rogue Consumer Financial Protection Bureau is passing “rules” to harm the free market and pass the costs from people who are productive to freebies for those who are unproductive. This government’s policies are killing the middle class, which is what Socialist Democrats want. Everyone will live in equal misery except the privileged few.
Socialist Elizabeth Warren created this CFPB monster, and her former aide runs it now.
The CFPB is the agency the Supreme Court ruled is constitutional. It’s hard to believe.
The Consumer Financial Protection Bureau is proposing an $8 cap on late credit card payments and a $3 cap for overdraft fees.
Marianne Lake warned that rules to cap overdrafts and late fees from the Consumer Financial Protection Bureau would make regular banking significantly more expensive for Americans.
She said Chase would have to charge its 86 million customers for now-free services like checking accounts if the rules become law.
“The changes will be broad, sweeping, and significant,” she told The Wall Street Journal. “The people who will be most impacted are the ones who can least afford to be, and access to credit will be harder to get.”
The CFPB is also considering a limit on debit card fees and the amount banks can charge companies like Venmo and CashApp to access and use customer data.
Lake believes America’s leading banks will follow Chase in passing on the costs to customers.
The socialist Democrats want to redistribute wealth and put their nose into everyone’s business. The articles about this are attacking banks, but they should take a good look at the failed socialism and communism policies being put in place.
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