Latest U.S. Consumer Financial Protection Bureau News

Kimberly Palmer: Worried about money? Ways to keep your kids from feeling your stress

Mar. 11, 2024 09:40 AM EDT

When it comes to parents and children, money stress can be contagious. That’s what Amy Weimer, director of the School of Family and Consumer Sciences at Texas State University, found when she and a colleague studied 60 children last year. They were more likely to report feeling...

Biden administration would cap credit card late fees at $8, part of campaign against junk fees

Mar. 05, 2024 16:04 PM EST

WASHINGTON (AP) — The Biden administration announced a rule Tuesday to cap all credit card late fees, the latest effort in the White House push to end what it has called junk fees and a move that regulators say will save Americans up to $10 billion a year. The Consumer Financial...

Biden regulators target transaction-declined fees, considered another type of bank 'junk fee'

Jan. 24, 2024 17:22 PM EST

NEW YORK (AP) — The Biden administration proposed banning another type of bank “junk fee” on Wednesday, targeting fees that are typically charged by banks when a transaction is declined in real time. It's the second major proposal by the Consumer Financial Protection Bureau...

Overdraft fees could drop to as low as $3 under new Biden proposal

Jan. 17, 2024 14:38 PM EST

NEW YORK (AP) — The cost to overdraw a bank account could drop to as little as $3 under a proposal announced by the White House, the latest effort by the Biden administration to combat fees it says pose an unnecessary burden on American consumers, particularly those living paycheck to paycheck. ...

What to know about overdraft fees as the White House cracks down on them

Jan. 17, 2024 14:26 PM EST

NEW YORK (AP) — The Consumer Financial Protection Bureau has proposed new rules that would lower overdraft fees, with President Joe Biden calling the charges “exploitative.” Currently, the fee for overdrawing a bank account averages more than $26. If a bank temporarily lends a...

Banks prepare to take on the Biden administration over billions of dollars in overdraft fees

Jan. 16, 2024 16:26 PM EST

NEW YORK (AP) — The squabble over billion of dollars in overdraft fees that Americans get charged every year is intensifying. The Consumer Financial Protection Bureau is expected to propose rules this week that further rein in banks' ability to charge customers a fee when they...