The Consumer Financial Protection Bureau proposal would see the average fee fall from $32 to $8, the agency's director says.
“Banks call it a service,” the president said. “I call it exploitation.”
The report points out underlying cultural issues at the Fed, where supervisors were unwilling to be hard on bank management when they saw growing problems.
A new report shows the degree to which American financial institutions discriminate against Muslims, and many are worried about the impact this will have during Ramadan.
The president says regulators should be able to "claw back compensation from executives."
The Treasury secretary, commenting on Glass-Steagall safeguards, only said there will be time to look at regulation changes.
The Justice Department and the Securities and Exchange Commission have launched investigations into the Silicon Valley Bank collapse.
Congress made stricter bank oversight optional in 2018, and lawmakers who backed the bill said regulators still had the tools they needed.
Stocks are tumbling on Wall Street as worries about the strength of banks worsen on both sides of the Atlantic Ocean.
The Senate leader donated campaign contributions related to the failed bank to charities, a spokesperson said.