Currently, banks charge an average of $35 for overdraft loans, raking in billions of dollars per year. The CFPB proposed a safe harbor for overdraft loans that would be as low as $3.

Industry participants and consumer advocates separately applauded the CFPB’s Section 1033 proposal on open banking. There were also plenty of suggestions for adjustments among the thousands of comment letters submitted.

The CFPB estimated that its proposal to establish oversight of payments providers would apply to 17 companies. Companies subject to the proposal are seeking exemptions while consumer advocates called for more expansive protections.