In the Biden administration’s latest effort to lower costs for Americans, the Consumer Financial Protection Bureau today proposed a new rule limiting overdraft fees charged by banking institutions and credit unions to a range of $3 to $14, a move expected to save consumers $3.5 billion a year.
Today, government watchdog Accountable.US released new analysis detailing the excessive profits banks have collected through overdraft and nonsufficient funds fees (NSF), and ongoing efforts from the financial industry to combat the Consumer Financial Protection Bureau’s cost-lowering junk fee initiatives.
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