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Banks in deep water as President Biden rules against overdraft charges and fees

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The Biden administration finalized a rule that will cap overdraft fees at $5 at the largest banks and credit unions.
The Consumer Financial Protection Bureau (CFPB) has proposed a rule to cap overdraft fees at $5 for large banks, aiming to reduce what it considers "junk fees" that disproportionately affect low-income consumers. This proposal, announced by CFPB Director Rohit Chopra, targets banks with over $10 billion in assets, potentially saving consumers billions annually. However, the implementation of this rule could face challenges from ongoing lawsuits against the CFPB's funding structure, which might deem the bureau's actions unconstitutional. Additionally, a change in administration, particularly if former President Donald Trump returns, could lead to the reversal of such regulations. The rule would allow banks to either charge a benchmark fee of $3 to $14 or opt for a break-even fee based on their costs, with the CFPB suggesting a $5 cap as a reasonable benchmark.

Read the Full Austin Article at:
[ https://cbsaustin.com/news/nation-world/overdraft-fees-could-be-capped-at-5-unless-lawsuits-or-trump-administration-stop-it-consumer-financial-protection-bureau-junk-fees-regulation ]