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 ...

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 ...

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.

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.

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.

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.

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.

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 ...

The CFPB said the rule brings overdraft loan fees into compliance with the Truth In Lending Act while still allowing sufficient fees to banks and credit union overdraft loans.

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.