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

The rule is part of a campaign by President Joe Biden’s administration to reduce junk fees that hit consumers on everyday purchases, including banking services.

But banks argue that without overdraft protection, desperate consumers will instead lean on worse, unregulated services to ease their crunch.

The finalized rule applies to banks and credit unions that have more than $10 billion in assets, which includes the nation’s largest banks. The Consumer Bankers Association filed the lawsuit along with the American Bankers Association, America’s Credit Unions and other banks. — Associated Press