Big Banks, Beware – CFPB Issues Final Rule to Cap Overdraft Fees
By EsqSocial Corporation 19/12/24
After nearly a year of speculation, the Consumer Financial Protection Bureau (“CFPB”) issued a final rule (the “Rule”) to cap overdraft fees that financial institutions with at least $10 billion in assets can assess to consumers. The CFPB has hailed the issuance of the Rule as permitting “consumers to better comparison shop across credit products and provid[ing] substantive protections that apply to other consumer credit,” but many in the banking industry have protested the Rule, including by...
By: Saul Ewing LLP