FINANCE BRIEF: CFPB Aims at Banks’ Billions in Overdraft Fees

The Consumer Financial Protection Bureau is preparing to make it much harder for banks to charge clients overdraft fees — setting up a clash with financial firms over billions of dollars in annual revenue.

Officials at the consumer watchdog privately told industry executives the regulator will likely unveil its long-awaited plan to crack down in December, according to people familiar with the discussions. The CFPB spent months crafting the regulations, and most of the details remain secret.

Washington has been clamping down on overdraft charges, which the Biden administration dubbed “junk fees.” The regulator, which declined to comment on the ...