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Published Category: Speech

Prepared Remarks of CFPB Director Richard Cordray on the Overdraft Press Call

Thank you for joining us. In our fast-moving modern economy, it is increasingly common for consumers to use debit cards the way they used to use cash. They also write checks and arrange for money to be taken out of their account. This makes it harder to keep track of their checking account balances from day to day, even if they are diligent about checking their balances online or by phone. Consumers living on the edge can find themselves racking up numerous overdraft charges.

Published Category: Blog

Understanding Consumer Experiences: Insights from CFPB’s 2016 Consumer Response Annual Report

We recently published our Consumer Response Annual Report, which provides an overview of the complaints we received in 2016. 

Published Category: Blog

New insights on bank overdraft fees and 4 ways to avoid them

For the first time in 2015, large banks began reporting separately certain categories of fees—including overdraft and non-sufficient fund fees. The new fee revenue information is helping us understand the magnitude and diversity of banks’ overdraft programs. Here are some tips to help you reduce or avoid overdraft and NSF fees.

Published Category: Blog

Live from Louisville!

Today, we held a field hearing on checking accounts in Louisville, Ky. The hearing featured remarks from Director Richard Cordray, as well as testimony from consumer groups, industry representatives, and members of the public.