By MICHELLE CHAPMAN, Associated Press Business Writer 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 rule is part of President Joe Biden administration’s campaign to reduce junk fees that hit consumers on everyday purchases, including banking services. But banks argue that without overdraft protection, desperate consumers will instead lean on worse, unregulated services to ease their crunch. Under the finalized rule from the Consumer Financial Protection Bureau that was announced on Thursday, banks will be able to choose from three options: they may charge a flat overdraft fee of $5, they may charge a fee that covers their costs and losses, or they may charge any fee so long as they disclose the terms of the overdraft loan the way they would for any other loan, typically expressed as an annual percentage rate, or APR. While banks have cut back on overdraft fees in the past decade, the nation’s biggest banks still take in roughly $8 billion in the charges every year, according to data from the CFPB and bank public records.
Bank Groups Sue The Consumer Financial Protection Bureau Over A Proposed Cap On Overdraft Fees
Associated Press, South Florida Sun-Sentinel
Fri, 12/13/2024 - 9:40am
Topics: michelle chapman associated press business writer president joe biden apr october trump the consumer bankers association american bankers association america s credit unions mississippi bankers association research cba president ceo lindsey johnson u.s district court southern district mississippi northern division consumer financial protection bureau cfpb mississippi groups sue cap overdraft fees rule charge services consumers finalized administration filed thursday nation worse billion loan
BING NEWS:
- Banks Sue To Stop $5 Overdraft Fee Cap
As expected, the banking industry has filed a lawsuit to stop a new regulation that would cap most overdraft fees at $5.
12/13/2024 - 4:38 am | View Link - Bank groups sue CFPB over rule to limit overdraft fees
Banking groups said they plan to sue the federal Consumer Financial Protection Bureau for adopting a rule that would limit overdraft fees.
12/13/2024 - 4:02 am | View Link - Bank Groups Sue US Government Bureau Over Overdraft Fees Rule
A new rule that caps overdraft fees at $5 is being challenged by banks who argue that it exceeds the government's authority.
12/13/2024 - 3:10 am | View Link - Bank groups sue the Consumer Financial Protection Bureau over a proposed cap on overdraft fees
Some banks and banking trade groups are suing the Consumer Financial Protection Bureau over a finalized rule that limits overdraft fees banks can charge.
12/13/2024 - 2:37 am | View Link - CFPB announces rule limiting bank overdraft fees; trade group sues in response
The Consumer Financial Protection Bureau announced the final version of a rule limiting banks' ability to charge overdraft fees. It says the rule will save American consumers $5 billion annually. The ...
12/12/2024 - 10:22 am | View Link - More
Welcome to Wopular
Wopular is an
online newspaper rack,
giving you a summary view of the top headlines from the top news sites.
Senh Duong (Founder)
Wopular,
MWB,
RottenTomatoes
MoviesWithButter : Our Sister Site
- "Expendables 4" Starts Shooting This Fall, Says Randy Couture at the Arnold Sports Festival more
- “Expendables 4” Gets Funding Interest from “Ip Man 3” Financier more
- "Ip Man 3" Distributor Suspected of Box Office Fraud, Parent Company Loses $200M in Market Cap more
- Yen Targets "Ip Man 4" for 2018 Release; Discusses Film with Director, Producer more
- "Ip Man 3" Shatters Expectations with $72M Opening [China Box Office] more