Bank and credit union lobbying groups are suing the Consumer Financial Protection Bureau to block a newly finalized rule that would cap overdraft fees, in the latest industry challenge to a Biden administration priority.
The suit was filed in the US District Court for the Southern District of Mississippi on Thursday, shortly after the CFPB unveiled the final rule. The court falls under the Fifth Circuit, known as a hot spot for challenging federal regulations.
The complaint alleges the CFPB exceeded its authority, in part by violating a 1968 law requiring lenders to disclose fees associated with credit products, when ...
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