Banks sue CFPB for capping overdraft fees at $5
The Consumer Financial Protection Bureau issued a final rule that would allow banks to either charge $5 for overdraft fees. Alternatively they can charge a courtesy fee to cover costs, or charge higher fees but send annual percentage rate disclosures to the consumer.
CFPB’s new rule ends overdraft profits. Big banks must cap fees at $5, use cost-basis or fully disclose terms, saving US ...
The rule closes a loophole that exempted overdraft fees from lending laws, but is expected to face challenges.
Banking customers could save up to $5 billion per year on overdraft fees under a new rule finalized Thursday by the Consumer ...
Currently, there is no cap on the overdraft fees that banks can legally charge. The finalized rule is set to take effect ...
If today's announcement by the Consumer Financial Protection Bureau (CFPB) is the final skirmish in the Biden ...
The Consumer Financial Protection Bureau said Thursday it's capping overdraft fees at $5 with a rule set to take effect in ...
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