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The new rule announced by the Consumer Financial Protection Bureau is estimated to eliminate $5 billion of such fees annually.
Since 2008, Americans have paid about $280 billion in overdraft fees.
An array of deceptive tactics was allegedly used to lure predominantly Hispanic residents, getting them to accept loans they often cannot afford.
The penalty stems from claims the bank failed to ask legally required questions about the race, ethnicity, and sex of mortgage applicants.
The unusual funding mechanism for the powerful regulator makes it unaccountable and unconstitutional, the court heard.
An industry lawyer says the economy could suffer if the justices strike down the way the Consumer Financial Protection Bureau is funded.
