Nigel Farage could strip the City watchdog of its power to regulate the banking industry under a sweeping overhaul to undo changes made after the 2008 financial crisis if Reform UK was elected to government. The leader of the party at the top of opinion polls has said he wants to prepare for the potential for an early general election in 2027.
"Overdraft and non-sufficient fund (NSF) fees are 'one of the most common exploitative mechanisms big banks use to target the poor,' Senators Elizabeth Warren (D-Massachusetts), Richard Blumenthal (D-Connecticut), and Bernie Sanders (I-Vermont) wrote to 25 banks on August 28, including JPMorgan Chase, Wells Fargo, PNC Bank, TD Bank, and Bank of America. 'When consumers' finances are already stretched thin, exorbitant overdraft fees can cause other payments to bounce - leading to even more fees in a vicious circle that can 'turn setbacks into crises,'"
The White House is preparing to step up pressure against big banks over perceived discrimination against conservatives and crypto companies with an executive order that threatens to fine lenders that drop customers for political reasons.