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

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

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

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.

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.

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 ...

While overdraft fees have been a lucrative line item for the industry, generating $280 billion in revenue since 2000 according to the CFPB, banks’ revenue from the service has been on the decline.

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.