CFPB Abandons Plan to Ban Declined Debit Card Fees
Published Date: 1/14/2025
Proposed Rule
Summary
The Consumer Financial Protection Bureau (CFPB) is pulling back its plan to stop banks from charging fees when your card or payment is instantly declined. They want to take a bigger look at all kinds of fees before making new rules. This means no changes or fee cuts happen right now, but stay tuned for future updates that could save you money!
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
CFPB May Study Broader NSF Fees
The CFPB said it will consider whether to pursue a broader rulemaking to address NSF fees charged for other transaction types, such as check, Automated Clearing House (ACH), and recurring debit transactions. The agency is withdrawing the instant-decline-focused proposal to take more time to study whether consumers also lack understanding of these other NSF fees and whether a wider prohibition is appropriate.
Withdrawal of Instant-Decline NSF Ban
The CFPB withdrew its January 31, 2024 proposed rule on January 14, 2025, so there is no new ban right now on banks charging nonsufficient funds (NSF) fees for instantaneously declined transactions. This means fees for declined debit card purchases, ATM withdrawals, and some person-to-person payments remain governed by existing law and industry practices.
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