With Americans feeling pinched, Biden targets "junk fees"

With time running out before the election, President Joe Biden highlighted his administration's push to crack down on so-called junk fees that banks and other companies charge their customers. The announcement comes after months of high inflation has eaten away at Americans' savings and made the economy the top issue for voters.

Biden was joined by Rohit Chopra, the director of the Consumer Financial Protection Bureau, the nation's financial watchdog agency created after the Great Recession. The bureau is targeting overdraft fees charged by banks as well as bad check fees, which are levied against a bank customer when a check isn't valid.

The bureau's guidance would make it illegal for banks to charge an overdraft fee on a transaction when a customer's account shows a positive balance at the time of a purchase, or when they withdraw money from their account.