More banks are discussing the status of overdraft practices, and the industry is bracing for the potential of new regulations under President-elect Joe Biden.
Delaying the rule's effective date or refocusing it on disclosure requirements are among the options for the Consumer Financial Protection Bureau's acting director to ease its impact on the industry.
House Democrats are lobbying for a bill to reform the way banks charge overdraft fees, but recognizing that Republicans are unlikely to take up the legislation, they are hoping the CFPB can act on its own.
