"The cost to overdraw a bank account could drop to as little as $3 under a proposal announced by the White House, the latest effort by the Biden administration to combat fees it says pose an unnecessary burden on American consumers, particularly those living paycheck to paycheck.

The proposed change by the Consumer Financial Protection Bureau would potentially eliminate billions of dollars in fee revenue for the nation's biggest banks, which were gearing up for a battle even before Wednesday's announcement. Exactly how much revenue depends on which version of the new regulation is adopted."