





An intensifying Tropical Storm Fred is taking aim at the Florida Panhandle, with the threat of a damaging coastal storm surge, high winds, and heavy rains that could extend all the way north into the Mid-Atlantic region.
The big picture: Meanwhile, poorly organized Tropical Depression Grace continues to dump rain across Haiti and the Dominican Republic, complicating earthquake relief efforts in Haiti. It appears destined to enter the Gulf of Mexico.
Context: Tropical Storm Fred is not a blockbuster storm that requires large-scale evacuations, but with an unusually active season predicted, such an event is a distinct possibility.
What's next: The U.S. government is taking no chances on storm preparedness, and is in fact viewing COVID vaccinations as a key part of its strategy to keep people safe from hurricanes.
Ally Bank is doing away with overdraft fees, and it could be an opening salvo for the industry facing mounting pressure in Washington for the decades-long practice.
Why it matters: Banks rake in billions fining customers who spend more money than they have in their account. It's one of many fees associated with banking — shouldered most often by those who can least afford it.
Driving the news: Digital-only Ally Bank is nixing overdraft fees entirely, after waiving them for a period during the pandemic. Previously, it dinged customers $25 each day the account was overdrawn.
But, but, but: The move isn't as Earth-shattering for Ally's business as it could be for others.
The big picture: Low-to-moderate income Black and Latino households were responsible for $255 billion worth of interest and fees for financial services (including overdraft fees) — out of the $303 billion collectively spent nationwide last year, according to a report by the Financial Health Network.
What to watch: What the mega-banks do on overdraft fees.
Of note: JPMorgan, Citigroup, Wells Fargo and Bank of America took in $4 billion from overdraft charges in 2020 — 27% less than the prior year, according to the Financial Services Forum, the industry's trade group.
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Cindy McCain recorded a video message for Tuesday's Democratic National Convention, paying tribute to an "unlikely friendship" forged between former Vice President Joe Biden and her late husband, Sen. John McCain (R-Ariz.)
Why it matters: Cindy McCain, who self-identifies as GOP-aligned, but "liberal on social issues," is the latest Republican to lend her voice to the Democratic convention, after four conservatives including former Ohio Gov. John Kasich spoke Monday.
My husband and Vice President Biden enjoyed a 30+ year friendship dating back to before their years serving together in the Senate, so I was honored to accept the invitation from the Biden campaign to participate in a video celebrating their relationship.https://t.co/Y6XOnBC1IW
— Cindy McCain (@cindymccain) August 18, 2020