Bankers fight to overturn rule on overdraft fees

By
-
ON THE DECLINE? The estimated annual amount of overdraft fees collected by U.S. banks and credit unions has dropped from a high of nearly $12 billion in 2019 to $5.3 billion in 2023. But the Consumer Financial Protection Bureau rule would cut further into that revenue.
SOURCE: Federal Deposit Insurance Corp. data; Federal Financial Institutions Examination Council
ON THE DECLINE? The estimated annual amount of overdraft fees collected by U.S. banks and credit unions has dropped from a high of nearly $12 billion in 2019 to $5.3 billion in 2023. But the Consumer Financial Protection Bureau rule would cut further into that revenue.
SOURCE: Federal Deposit Insurance Corp. data; Federal Financial Institutions Examination Council

A proposed banking regulation that one federal agency says will save Americans $5 billion a year in overdraft fees is facing strong opposition from the financial services sector, including from a group that represents banks in Rhode Island. The rule from the Consumer Financial Protection Bureau aims to cap overdraft fees at $5 for large

Already a Subscriber? Log in

To Continue Reading This Article

Become a Providence Business News subscriber and get immediate access to all of our premier content and much more.

Learn More and Become a Subscriber
  • Critical RI business news and analysis updated daily.
  • 1 year of print (26 issues).
  • Unlimited access to all subscriber only content on our website, on any device.
  • Free email alerts.
  • Annual Book of Lists Print Edition.
  • All special issues produced during subscription term.

Click Here to purchase a paywall bypass link for this article

PBN Branded Content

Beyond Cash Donations: How New Forms of Giving Are Transforming Not-for-Profit Accounting

Evolving Funding Landscape for Not-for-Profits Not-for-profit organizations are being asked to do more with less,…

Learn More

RELATED ARTICLESMORE FROM AUTHOR

No posts to display