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Category: Director's notebook |

As outstanding credit card debt hits new high, the CFPB is focusing on ways to increase competition and reduce costs

Credit cards are one of the most common financial products in our country, providing the bulk of short-term credit for families. Interest rates on credit cards have risen substantially, with average interest rates going over 20%. Given the trends for the 175 million Americans with credit cards, the CFPB estimates that outstanding credit card debt may continue to set records and could even hit $1 trillion.

Category: Info for consumers |

Consumers on course to save $1 billion in NSF fees annually, but some banks continue to charge these fees

A number of large banks are eliminating non-sufficient fund (NSF) fees on checking accounts, cutting total NSF fee volume by about 50%, or $1 billion, annually. Other banks continue to charge these fees. The Bureau is closely scrutinizing whether and when charging these fees may be unlawful.

Category: Policy and compliance |

Overdraft fees can price people out of banking

People dealing with frequent overdraft fees may face a difficult and expensive uphill climb. These fees are often assessed for reasons people do not expect or understand, take a heavy toll on families living paycheck to paycheck, and in some cases ultimately drive people out of banking altogether.

Category: Info for consumers |

The hidden cost of junk fees

Households across the U.S. have been feeling the cost of higher prices. As individuals and families adjust to the pinch on pocketbooks there are some fees they just can’t seem to escape – junk fees. The CFPB wants to hear from you on how junk fees have impacted your everyday financial lives.