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TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and how the CFPB is saving Americans $5 billion.

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Transcript
00:00I'm Conway Gaines reporting from the New York Stock Exchange.
00:02Here's what we're watching on the street today.
00:04The latest inflation numbers came in a little hot.
00:07Producer prices rose more than expected in November, up 0.4%.
00:13Meanwhile, prices were up 3% over the past 12 months.
00:16That's the biggest annual gain since February 2023.
00:21In other news, the final rule cracking down on overdraft fees
00:25was announced by the Consumer Financial Protection Bureau.
00:28The agency, created in wake of the great financial crisis,
00:30said the new rule will keep $5 billion a year, or $225 per household,
00:37in Americans' pockets and out of the hands of the banks.
00:41According to the rule, banks can charge a flat overdraft fee of $5 per occurrence,
00:47compared to the average current penalty of $35,
00:51or simply charge customers the amount it costs to cover the overdraft.
00:56The third alternative allows the bank to charge whatever it wants,
01:00as long as customers know what the interest rate on the overdraft loan is up front.
01:05In a statement released with the ruling, CFPB Director Rohit Chopra said,
01:10For far too long, the largest banks have exploited a legal loophole
01:14that has drained billions of dollars from Americans' deposit accounts.
01:19The CFPB is cracking down on these excessive junk fees
01:23and requiring big banks to come clean about the interest rate they are charging on overdraft loans.
01:29It is supposed to go into effect on October 1, 2025.
01:33There are doubts, however, that it will ever see the light of day
01:36under a pro-business Trump administration.
01:40That'll do it for your daily briefing from the New York Stock Exchange.
01:43I'm Conway Gittins with the Street.

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