Biden regulators target transaction-declined fees, considered another type of bank ‘junk fee’
By KEN SWEET
AP Business Writer
NEW YORK (AP) — The Biden administration has proposed banning another type of bank “junk fee,” targeting fees that are typically charged by banks when a transaction is declined in real time. It’s the second major proposal by the Consumer Financial Protection Bureau over the types of fees that Americans sometimes run into when they bank. It follows the bureau’s announcement that it plans to reduce overdraft fees to as little as $3.
