New rules to limit overdraft bank fees are getting legal pushback. 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 the Biden administration’s campaign to reduce junk fees that hit consumers on everyday purchases, including […]
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Banks suing over new rules to limit overdraft bank fees to $5
New rules to limit overdraft bank fees are getting legal pushback. 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 the Biden administration’s campaign to reduce junk fees that hit consumers on everyday purchases, including banking services. The new rule sets a cap of 5 dollars for an overdraft fee. The group claims that the C-F-P-B is exceeding its authority.