This is what happens when bureaucrats who have never run a business make rules for the rest of us

Jack Hellner 

"The Consumer Financial Protection Bureau is a bureaucracy created out of thin air by socialist Elizabeth Warren. Democrats pretend the bureau is just there to protect consumers which is B.S." . . .

. . ."Writing bad checks is also a crime, either a misdemeanor or a felony depending on the amount of the checks. Of course, Democrats don’t seem to care about crimes. They are anti-business.

Free checking accounts will be taken away from other customers who don’t write bad checks, but these CFPB bureaucrats and Biden administration officials don’t care. They got their talking points out that they are saving customers $5 billion per year, and this will save the typical household $225 per year. That is obviously not true. The typical household does not write bad checks, so it will save them zero—but it’s likely to cost them if they’re now suddenly paying for the services for which banks typically don't charge.

The CFPB, under Obama, also had a slush fund where it shook down corporations and gave some amounts back to political supporters instead of victims. There were also slush funds at EPA and the Justice Department.

JPMorgan Chase warned the CFPB and Biden administration that they would start charging for services that were previously free if this rule went through, and that these fees will hurt the poor and middle class the most (people about whom the Democrats only pretend to care). From a Wall Street Journal article:

[Marianne] Lake said Chase is planning to pass on the costs of higher regulation and charge customers for a number of now-free services, including checking accounts and wealth-management tools, if the rules become law in their current form. She expects her peers in the industry will follow suit.

‘The changes will be broad, sweeping and significant,’ Lake said. ‘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.’

It is a true shame that most people posing as journalists just repeat what they are told instead of doing independent thinking and research, no matter what the subject is.