US Bank Regulator Terminates ‘Legal Loophole’ That’s Draining $5,000,000,000 From Customer Accounts Per Year

A US bank regulator says it’s shutting down a “legal loophole” that’s costing customers $5 billion in overdraft fees per year. The Consumer Financial Protection Bureau (CFPB) says a new rule will force large banks to either limit overdraft fees to $5, align them to actual costs and losses, or treat overdraft loans like other […] The post US Bank Regulator Terminates ‘Legal Loophole’ That’s... source: https://dailyhodl.com/2024/12/12/us-bank-regulator-terminates-legal-loophole-thats-draining-5000000000-from-customer-accounts-per-year/