Biden regulators target transaction declined fees, considered another type of bank 'junk fee'
The Biden administration proposed banning another type of bank “junk fee” on Wednesday, 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 fees that Americans sometimes run into when they bank, following the bureau's announcement that it plans to reduce overdraft fees to as little as $3. The CFPB's proposal on Wednesday focused on a narrower set of transactions: when a customer tries to withdraw money, send a payment immediately or make a p...