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The new CFPB regulation would require large banks and credit unions to either charge just $5 for overdrafts or, alternatively, pick an amount no higher than the cost of offering overdraft protection.
The CFPB estimated that the final rule could save consumers up to $5 billion in annual fees, or $225 per household that pays overdraft fees. CFPB Director Rohit Chopra said in a statement that the ...
The rule, unveiled Thursday, would cap overdraft fees at $5 — a substantial savings from the $35 that customers are typically charged. In total, households that pay overdraft fees could save ...
With the new rule, "the CFPB is ignoring the strong majority of Americans who have indicated time and again in national surveys that they value and appreciate overdraft protection, and they don ...
Overdraft fees currently run about $35 on average. The CFPB finalized a rule in January that would remove medical debt from credit reports. The agency had said the change could potentially improve ...
Under the proposed CFPB rules, banks could choose from one of three options: Charge a flat overdraft fee of $5, charge a fee that covers their costs, or charge any fee so long as they disclose the ...
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 ...
The independent watchdog agency said the new rule closes a loophole that for decades has ... American consumers have paid an estimated $280 billion in bank overdraft fees, according to CFPB data. ...