Federal agency to investigate bank fees

February 22, 2012 10:14:43 AM PST
Today, the government's new consumer watchdog agency launched an investigation into costly overdraft fees charged by big banks.

The Consumer Financial Protection Bureau says it will ask banks for information about how the fees affect consumers, how overdraft protection is marketed and what information consumers receive.

Overdraft fees have brought in about $30 billion in annual revenue for banks the past few years. The investigation could result in new rules and even lawsuits if banks are accused of violating consumer laws.