Bank trade groups slammed Wednesday’s Biden administration proposal to limit the overdraft fee, calling it a “misguided” proposal and an “effort to score points”. The proposed rule would require large banks limit overdrafts using a benchmark or “breakeven” standard and remove a…
The Biden administration’s most recent proposal to cap overdraft fees was criticized by bank trade groups on Wednesday, calling it a “misguided proposal” and an “effort to score social points.” The Consumer Financial Protection Bureau’s ( CFPB) proposed rule would mandate that big banks use a “breakeven standard” or benchmark fee to limit overdraft charges and eliminate an… The Biden administration’s most recent proposal to cap overdraft fees was criticized by bank trade groups on Wednesday, calling it a “misguided proposal” and an “effort to score social points.” According to the Consumer Financial Protection Bureau’s ( CFPB) proposed rule, big banks would be required to remove an… and use a “breakeven standard” or benchmark fee to limit overdraft charges.
Bank trade groups slammed Wednesday’s Biden administration proposal to limit the overdraft fee, calling it a “misguided” proposal and an “effort to score points”. The proposed rule would require large banks limit overdrafts using a benchmark or “breakeven” standard and remove a…
