The U.S. Consumer Financial Protection Bureau headquarters in Washington, D.C. Photo: Diego M. Radzinschi/ALMCFPB Orders Big Banks to Limit Overdraft Fees to $5. But Will Its Edict Stick?
The agency set an October 2025 deadline for the new restrictions to take hold, giving enforcement authority to the incoming Trump administration.
December 12, 2024 at 06:42 PM
3 minute read
In the final weeks of the Biden administration, the U.S. Consumer Financial Protection Bureau issued a new rule capping the overdraft fees charged by large banks to $5, or the administrative costs of covering an overdraft payment.
The CFPB said Tuesday that the new policy was meant to curb “excessive” overdraft fees, which the agency estimated to stand at roughly $35 per overdraft transaction and to collectively cost the public billions a year.
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J. Brugh Lower of Gibbons has entered an appearance for industrial equipment supplier Devco Corporation in a pending trademark infringement lawsuit. The suit, accusing the defendant of selling knock-off Graco products, was filed Dec. 18 in New Jersey District Court by Rivkin Radler on behalf of Graco Inc. and Graco Minnesota. The case, assigned to U.S. District Judge Zahid N. Quraishi, is 3:24-cv-11294, Graco Inc. et al v. Devco Corporation.
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Attorneys from A&O Shearman has stepped in as defense counsel for Toronto-Dominion Bank and other defendants in a pending securities class action. The suit, filed Dec. 11 in New York Southern District Court by Bleichmar Fonti & Auld, accuses the defendants of concealing the bank's 'pervasive' deficiencies in regards to its compliance with the Bank Secrecy Act and the quality of its anti-money laundering controls. The case, assigned to U.S. District Judge Arun Subramanian, is 1:24-cv-09445, Gonzalez v. The Toronto-Dominion Bank et al.
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