The rule announced Thursday would require big banks and credit unions to slash long criticized high overdraft fees from $25 or $35 in many cases.

Bank overdraft fees, pricey penalties charged to customers who overdraw their accounts, face a cap under new rules released Thursday.

In what could be one of the final salvoes in President Joe Biden's war on what the administration calls "junk fees," the Consumer Financial Protection Bureau issued a final rule Wednesday capping bank overdraft fees at $5 in most cases.

The rule closes a loophole that exempted overdraft fees from lending laws, but is expected to face challenges.

It is unclear whether the rule, which could help save Americans billions in fees each year, will remain in place after President-elect Donald J. Trump returns to office.

The Consumer Financial Protection Bureau on Thursday announced the final version of a rule limiting banks’ ability to charge overdraft fees.

US watchdog caps bank overdraft fees over industry objection (Reuters) – The U.S. watchdog agency for consumer finance on Thursday adopted new regulations capping the amount banks can charge for overdrafts,

Banking customers could save up to $5 billion per year on overdraft fees under a new rule finalized Thursday by the Consumer Financial Protection Bureau. Rohit Chopra, the director of the government watchdog in charge of protecting the public's finances,

Federal regulators have closed a bank overdraft fee loophole that could save American consumers billions of dollars each year.