Banking groups said they plan to sue the federal Consumer Financial Protection Bureau for adopting a rule that would limit overdraft fees.

It took only one day for trade groups and banks to take legal action against the financial watchdog, which announced its overdraft rule Thursday.

Some banks and banking trade groups are suing the Consumer Financial Protection Bureau over a finalized rule that limits overdraft fees banks can charge.

Some banks and banking trade groups are suing the Consumer Financial Protection Bureau (CFPB) over a finalized rule that limits the amount of overdraft fees that banks can charge account holders.

The Consumer Financial Protection Bureau released a final overdraft rule that caps overdraft fees at $5 for the largest banks. The sweeping rule immediately drew a legal challenge from bank trade ...

Banking groups said they plan to sue the federal Consumer Financial Protection Bureau for adopting a rule that would limit overdraft fees.