Harris to criticize Trump in her first visit to border in more than three years

(WASHINGTON) — Banking customers could save up to $5 billion per year on overdraft fees under a new rule finalized Thursday by the Consumer Financial Protection Bureau.

Rohit Chopra, the director of the government watchdog in charge of protecting the public’s finances, told ABC News the final rule would cap overdraft fees at $5 for many customers.

That would mark a significant savings from the typical $35 fee that millions of customers pay when they withdraw more money from their checking accounts than they have available. The CFPB estimated the new rule could save the typical household $225 per year.

“Big banks love overdraft. It is easy profit for them, but it is punishing for so many Americans, especially those who live paycheck to paycheck,” Chopra told ABC News in an exclusive interview.

The CFPB announced the proposal in January as part of a broader effort by the administration of President Joe Biden to crack down on so-called junk fees. The new rule will take effect Oct. 1, 2025 — but legal challenges could delay that timeline. And Republicans in Congress could also pursue avenues to roll back the rules under a Trump administration.

GOP leaders, including Senate Minority Leader Mitch McConnell, have frequently criticized the Biden administration for overreach and “runaway regulation.”

The Consumer Bankers Association, an industry group representing the nation’s biggest banks, echoed that concern, calling the CFPB rule “just the latest in a myriad of unnecessary and costly regulations by this Administration that seems guided by political polling, rather than by sound policy created by what should be independent agencies,” in a statement to ABC News in January.

But some big banks, including Bank of America, Citi and Capital One, already voluntarily lowered or eliminated overdraft fees — giving heft to the rule, regardless of its final implementation.

“I think some big banks admit that this has gone way too far and gone on way too long. And many of them are even finding that offering low or free overdraft products and services actually helps them gain customers who are looking to be treated fairly,” Chopra said.

The CFPB said consumers still paid a total of nearly $6 billion in overdraft fees last year.

Under the final rule announced Thursday, banks and credit unions will have three different options. They can limit all overdraft fees at $5, which is the amount the CFPB estimated will allow institutions to break even when they offer courtesy overdraft programs.

Banks can also choose to set their fees at “an amount that covers their costs and losses.”

Or if banks choose to make money from overdraft fees, they will be forced to disclose terms of the loan to customers clearly — in the same way customers may agree to high interest rates associated with credit card loans.

“If your bank is charging you big overdraft fees or reordering your payments to enrich themselves, you need to break up with your bank. There are so many local banks, credit unions and others that are offering a better deal, and you should take your business elsewhere,” Chopra said.

The CFPB rule would apply to banks with more than $10 billion in deposits.

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(WASHINGTON) — President Joe Biden spent Thanksgiving morning giving back to first responders on Nantucket, while also taking time to give his thoughts on his successor’s threats to issue tariffs on Mexico, Canada and China.

Biden told reporters he hopes President-elect Donald Trump “rethinks” his Day 1 proposal, calling it a “counterproductive thing to do.”

“We have an unusual situation in America. We’re surrounded by the Pacific Ocean, the Atlantic Ocean, and the two allies: Mexico and Canada. And the last thing we need to do is screw up those relationships. I think we’ve got them in a good place,” Biden said Thursday.

Trump said this week that he plans to sign an executive order when he takes office on Jan. 20, 2025, that would charge Mexico and Canada with a 25% tariff on all products those nations send to the United States, in an effort to stop the flow of drugs entering the country and illegal border crossings.

He also vowed to charge China with an additional 10% tariff on top of any additional tariffs on products coming into the U.S., arguing the country wasn’t doing enough to stop the flow of illicit drugs.

Economists widely forecast that tariffs of this magnitude would increase prices paid by American shoppers, since importers typically pass along a share of the cost of those higher taxes to consumers.

Trump’s tariffs would cost the average U.S. household about $2,600 per year, according to an estimate from the Peterson Institute for International Economics.

With migrants being the central issue for Trump in threatening tariffs, Biden noted that illegal crossings are down considerably from what they were back when Trump was in office.

“There’s a lot more to do, but, I hope they reconsider,” he said on Thursday.

The president noted that with a thin GOP majority in Congress, there may have to be some “real compromise” in Trump’s agenda.

“I want to make sure this transition goes smoothly and all the talk of what he’s going to do and not do, I think there may be a little bit of internal reckoning on his part,” Biden said.

Despite the disagreements with Trump, Biden said he was thankful for his family and “for a peaceful transition,” adding that he’s “really thankful” to have secured a ceasefire deal between Israel and Hezbollah.

The president also said he spoke to all three Americans who were released from Chinese custody Wednesday.

“I’m happy they’re home,” he said.

Biden, who was joined by the first lady and his grandson Beau at a Nantucket firehouse, was asked what his message is to Americans worried about the future of the U.S. He told them to “remember who we are.”

The White House said the Bidens also called units from each branch of the military “to thank them and their families for their service to the country.”

Meanwhile, Vice President Kamala Harris spent Thanksgiving morning with her family at DC Central Kitchen as part of a community service project.

Harris said she will be making a turkey, her “famous corn meal stuffing,” sweet potatoes, cranberry sauce, scalloped potatoes, string beans, Brussels sprouts, salad and rolls for dinner.

“Lots of carbs,” she said.

When asked by a reporter, “What’s next for you?” Harris joked, “Thanksgiving dinner,” and continued preparing collard greens.

ABC News’ Max Zahn contributed to this report.

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(GEORGIA) — Gabriel Sterling, the Chief Operations Officer of Georgia’s office of Secretary of State, noted in a statement on X that early votes cast Wednesday set a record for a second day.

“So, with the rest of today and absentees we could get close to 600,000 votes cast in Georgia. We continue on the record-setting pace and we are thankful for our election workers at the counties and our voters,” he said.

On the previous day, 312,206 people cast an early vote, shattering the 136,000 votes cast in the first day of early voting in 2002, according to state election data.

Sterling said earlier in the day that the 500,000 votes cast mark represented 10% of the turnout in the 2020 election.

As of Wednesday night, 33,359 absentee ballots have been returned and 33,150 of those ballots were accepted, according to the secretary of state’s office.

Georgia is seen as a crucial swing state for the presidential race, with both former President Donald Trump and Vice President Kamala Harris have been actively campaigning throughout neighborhoods in the state.

Voting rights advocates have been pushing voters to choose the early voting option due to concerns about new rules including one that makes it harder to cast a provisional ballot on Election Day if a voter is sent to the wrong polling place. Georgia voters can choose any early voting election site in their county, according to state law.

Early voting in Georgia will continue until Nov. 1.

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