"Biden Administration's Plan to Slash Bank Overdraft Fees Faces Industry Resistance"
The U.S. government has proposed new rules to limit bank overdraft fees, potentially capping charges as low as $3, in an effort to aid low-income Americans and save consumers about $3.5 billion annually in fees. The Consumer Financial Protection Bureau's draft proposal, which would only apply to the largest banks, has faced opposition from major financial institutions, despite previous pressure leading some banks to lower their fees. The proposal reflects a broader campaign to crack down on "junk fees," with President Biden criticizing companies for profiteering. The banking industry has pushed back against the proposal, arguing that overdraft charges are valuable and highly regulated.
- U.S. unveils plan to limit overdraft fees amid banking industry opposition The Washington Post
- Biden administration unveils proposed changes to big banks' overdraft fees CNBC
- Consumer watchdog agency proposes limits on overdraft fees at big banks and credit unions CNN
- Banks prepare to take on the Biden administration over billions of dollars in overdraft fees The Associated Press
- Biden rule would cut bank overdraft fees by more than half USA TODAY
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