The CFPB rule would apply to banks with more than $10 billion in deposits.
Banking customers could save up to $5 billion per year on overdraft fees under a new rule finalized Thursday.
That would mark a significant savings from the typical $35 fee that millions of customers pay when they withdraw more money from their checking accounts than they have available. The CFPB estimated the new rule could save the typical household $225 per year. GOP leaders, including Senate Minority Leader Mitch McConnell, have frequently criticized the Biden administration for overreach and "runaway regulation."
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