Coverage dated December 11, 2024 to December 12, 2024
Bank groups sue the Consumer Financial Protection Bureau over a proposed cap on overdraft fees
Headline from The Columbian, on the newest of 2 developments
Some banks and banking trade groups are suing the Consumer Financial Protection Bureau over a finalized rule that limits overdraft fees banks can charge.
The Columbian's own description from its feed. We collect headlines and these descriptions, not full articles; read the original reporting below.
Developments in this update
2 dated developments, oldest first, newest marked. Each is named by one outlet's own headline; open its reports to see every outlet that covered it.
Overdraft Fees Could Be Capped At $5 Under New Rule
Headline from Investopedia ·
Newest
Bank groups sue the Consumer Financial Protection Bureau over a proposed cap on overdraft fees
In what could be one of the final salvoes in President Joe Biden's war on what the administration calls "junk fees," the Consumer Financial Protection Bureau issued a final rule Wednesday capping bank overdraft fees at $5 in most cases.
In one of its final actions under the Biden administration, the Consumer Financial Protection Bureau issued a long-awaited rule reining in fees banks charge for overdrafts.
By Jordan Valinsky, CNN New York (CNN) — The Consumer Financial Protection Bureau has finalized a rule that curbs excessive overdraft fees charged to customers of large banks and credit unions, potentially saving consumers as much as $5 billion a year.
The Consumer Financial Protection Bureau said it is limiting banks’ ability to charge overdraft fees, potentially saving households hundreds of dollars.
Effective Oct 2025, CFPB’s new rule ends overdraft profits. Big banks must cap fees at $5, use cost-basis or fully disclose terms, saving US Americans billions each year.
Some banks and banking trade groups are suing the Consumer Financial Protection Bureau over a finalized rule that limits overdraft fees banks can charge.
