Jonathan Kamens on Nostr: I'm out of gift links for January, so I'll summarize this column: the CFPB shouldn't ...

I'm out of gift links for January, so I'll summarize this column: the CFPB shouldn't cap overdraft fees because poor people need to use overdraft and if the fees are capped maybe banks will stop offering it.
Facts, not vibes: there are already plenty of successful banks that don't charge usurious overdraft fees. We literally have an existence proofs that banks don't need to charge these fees to be viable.
In other words, this column is an embarrassment.
https://www.washingtonpost.com/opinions/2024/01/24/cap-overdraft-fees-hurt-poor-families/