The Trump administration is advancing efforts to overturn a Biden-era rule that capped overdraft fees at $5, a move that is expected to benefit major banks and increase costs for consumers. Critics, including Senators Elizabeth Warren and Adam Schiff, have expressed concerns that this rollback undermines the Consumer Financial Protection Bureau (CFPB), which was established to protect consumers from predatory financial practices. Warren has likened the attack on the CFPB to a bank robber disarming alarms. The proposed legislation could allow banks to impose overdraft fees of up to $35, a practice that the CFPB had previously curtailed, saving families billions. The new acting director of the CFPB, Russell Vought, has been criticized for celebrating the bill that would increase these fees. Warren and Schiff are also pressing for Musk to address potential conflicts of interest due to his leadership roles in companies like Tesla and XMoney, which could be affected by the CFPB's regulations. The situation has raised alarms among consumer advocates who fear that the proposed changes will lead to greater exploitation of ordinary Americans by financial institutions.