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Conway Gittens: This is Conway Gittens reporting from the New York Stock Exchange. This is what we are seeing today on TheStreet.
The latest inflation figures were a bit high. Producer prices rose more than expected in November: 0.4 percent. Meanwhile, prices rose 3 percent in the last twelve months, marking the largest annual increase since February 2023.
Related: Senate criticizes airlines for the 'extra' fees they charge you
In other news, the Consumer Financial Protection Bureau announced the final rule cracking down on overdraft fees. The agency created in the wake of the Great Financial Crisis said the new rules will keep $5 billion a year, or $225 per household, in Americans' pockets and out of the reach of banks.
Under the rule, banks can charge a flat overdraft fee of $5 per occurrence, compared to the current average penalty of $35, or simply charge customers the amount it costs to cover the overdraft. The third alternative allows the bank to charge whatever it wants as long as customers know in advance what the interest rate on the overdraft loan is.
In a statement released with the ruling, CFPB Director Rohit Chopra said: “For too long, the largest banks have exploited a loophole that has drained billions of dollars from Americans' deposit accounts. The CFPB is cracking down on these excessive junk fees and requiring big banks to clarify the interest rate they charge on overdraft loans.”
It is supposed to go into effect on October 1, 2025. However, there are doubts that it will ever see the light of day under a pro-business Trump administration.
That will be enough for your daily report. From the New York Stock Exchange, I'm Conway Gittens of TheStreet.
Watch ICYMI this week:
- Boeing Thought It Had a Plea Deal Until a Judge Said Otherwise
- Netflix could be a trillion-dollar company by 2030: here's how
- Dollar stores face major hurdles from Trump administration
- TikTok is one step closer to being banned in the US
