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CFPB issues rule proposal targeting more ‘junk fees’

A Bank of America ATM machine.
Photo: Joe Raedle/Getty Images

Proposed new rules prohibit insufficient funds fees covering transactions declined instantaneously or near-instantaneously.

In the last two weeks, the Consumer Financial Protection Bureau (CFPB) has proposed rulemaking for overdraft services and issued proposed rulemaking regarding non-sufficient funds (NSF) fees.

The proposals have certainly caught the attention of credit unions and banking groups which are asking for the reasons why these rules, especially