CFPB ordered Navy Federal in November 2024 to pay $80 million to service members unfairly charged overdraft fees. CFPB ...

A group of senators says they have "profound alarm" and are demanding answers over the unprecedented decision by the ...

Former officials from the Consumer Financial Protection Bureau, or CFPB, are calling the watchdog's choice to let Navy ...

The CFPB says this will save a household that pays overdraft fees $225 a year — $5 billion in annual savings for American consumers in total. Consumer-focused organizations praised the new rule.

In a statement, CFPB director Rohit Chopra called overdraft fees a “legal loophole” that have drained billions of dollars from Americans’ bank accounts. Get a curated selection of 10 of our ...

Since the CFPB began tackling junk fees, many banks have reduced or eliminated overdraft fees, saving consumers billions. However, overdraft fees still totaled $5.8 billion in 2023.

The Consumer Financial Protection Bureau, emboldened under President Biden, is targeting what the watchdog agency says are exploitative “junk fees,” such as bank overdraft fees, that drain ...

Consumers will save up to $5 billion in bank and credit union overdraft fees each year in a reform finalized Thursday by the U.S. Consumer Financial Protection Bureau.

Effective Oct 2025, CFPB’s new rule ends overdraft profits. Big banks must cap fees at $5, use cost-basis or fully disclose terms, saving US Americans billions each year.

Technically, the CFPB plans to propose eliminating an exemption for overdraft services from complying with the Truth in Lending Act. Chopra said consumers have paid an estimated $280 billion in ...

He said that overdraft fees were never meant to be a major profit driver for banks. The CFPB claims the rule will save consumers $225 per household or $5 billion a year. "The CFPB is cracking down on ...

Consumers will save up to $5 billion in bank and credit union overdraft fees each year in a reform finalized Thursday by the U.S. Consumer Financial Protection Bureau.