Money update

More Perfect Union -The Biden administration is ending bank overdraft fees as we know them. Under a new Consumer Financial Protection Bureau rule, overdraft fees at large banks will be strictly regulated and capped as low as $3. Low-income Americans will save billions.

A growing number of cities are recognizing the benefits of worker cooperatives by investing millions of dollars in their growth. Baltimore, though, has spent hundreds of millions of dollars subsidizing large corporations, but has yet to invest in supporting worker cooperatives through financing or training. Common Ground’s workers found the embrace of Baltimore’s thriving cooperative ecosystem.

Axios - Americans overall have a surprising degree of satisfaction with their economic situation, Axios' Felix Salmon writes from the Axios Vibes survey by The Harris Poll. That's in spite of dour views among certain subsets of the country — and in contrast to consumer sentiment polls that remain stubbornly weak, partly because of the lingering effects of 2022's inflation.  63% of Americans rate their current financial situation as being "good," including 19% who say it's "very good." . . . 66% think 2024 will be better than 2023. 85% of us feel we could change our personal financial situation for the better this year. 77% of Americans are happy with where they're living — including renters, who've seen housing costs surge over the last few years. A substantial majority of renters are happy renting, with 63% of them saying they're not interested in owning a home and having a mortgage. MORE