New rule caps banking overdraft fees

Banking customers could save up to $5 billion every year on overdraft fees under a new rule finalized Thursday by the Consumer Financial Protection Bureau (CFPB), the government watchdog charged with safeguarding Americans' finances. The final rule will officially take effect on Oct. 1, 2025, but Republicans in Congress could also pursue avenues to roll back the rule, and the Consumer Bankers Association, which represents the nation's biggest retail banks, has accused the CFPB of "blatant overreach."



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