CFPB Estimates Elimination of Overdraft Fees Saved Consumers $3 Billion: They Want Even More
The main consumer watchdog focused on eliminating what they would call “junk fees” from banks
- |
- Written by Banking Exchange staff
The main consumer watchdog focused on eliminating what they would call “junk fees” from banks, which include overdraft and depositor fees.
While many banks have already eliminated overdraft fees in recent months, the Consumer Financial Protection Bureau (CFPB) is looking for more progress in what they would call an effort to defend consumer.
The director of the CFPB testified in front of the Senate banking committee Wednesday morning.
The fees are focused on unexpected or excessive fees, and the according to the agency are “likely unfair and unlawful.”
President Biden even weighted in, mentioning that it was part of the administration’s vision of holding corporations accountable. The guidance includes:
- Overdraft fees
- Bounced Check Fees
Many banks have already initiated elimination of these fees in anticipation of greater scrutiny, but also a competitive banking environment in which online banks waive some of the traditional fees banks have charged.
Tagged under Compliance, Consumer Compliance, Consumer Credit, Feature, Duties, Feature3,
Related items
- US Banks Rank as Largest Global Fossil Fuel Financers
- Credit One Executive Talks Fraud Prevention Technology at SAS Innovate Conference
- Homebuyers Uncertain of How to Secure a Mortgage
- ABA Supports Bill to Strengthen ATM Robbery Penalties
- Ray Dalio and Jamie Dimon Interviews Beg the Question: Where Is the Party for Fiscal Deficit Issues?