CFPB: Overdraft fee reform will save consumers $5 billion a year in bank fees

Dec. 12 (UPI) -- The Consumer Financial Protection Bureau on Thursday announced a final rule to cut down on overdraft fees by financial institutions.

According to the CFPB, the rule will close an overdraft loophole that applies to banks and credit unions with more than $10 billion in assets, saving consumers up to $5 billion in bank and credit union overdraft fees each year.

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