CFPB Orders Navy Federal Credit Union to Pay More Than $95 Million for Illegal Surprise Overdraft Fees
The CFPB took action against Navy Federal Credit Union for charging illegal overdraft fees.
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CFPB Takes Action to Stop Banks from Harvesting Overdraft Fees Without Consumers' Consent
The CFPB today published guidance to help federal and state consumer protection enforcers stop banks from charging overdraft fees based on phantom opt-in agreements.
CFPB Proposes Rule to Close Bank Overdraft Loophole that Costs Americans Billions Each Year in Junk Fees
The CFPB today proposed a rule to rein in excessive overdraft fees charged by the nation’s biggest financial institutions.
La CFPB Propone Normativa para Cerrar el Vacío Legal sobre los Sobregiros Bancarios que le Cuesta Miles de Millones de Dólares a los Consumidores del País
CFPB propone normativa para regir las excesivas penalidades por sobregiros, cobrados por las instituciones financieras más grandes de la nación.
Prepared Remarks of CFPB Director Rohit Chopra on Overdraft Lending Press Call
Director Chopra delivered remarks on the CFPB’s proposed overdraft lending rule.
CFPB Issues Report Showing Many Americans Are Surprised by Overdraft Fees
The Consumer Financial Protection Bureau (CFPB) today issued a new report finding that many consumers are still being hit with unexpected overdraft and nonsufficient fund (NSF) fees, despite recent changes implemented by banks and credit unions that have eliminated billions of dollars in fees charged each year.
CFPB Report Finds Many College-Sponsored Financial Products Charge High and Unusual Fees
The Consumer Financial Protection Bureau found that many college-sponsored financial products have higher fees and worse terms and conditions compared to typical market products.
CFPB Orders Atlantic Union Bank to Pay $6.2 Million for Illegal Overdraft Fee Harvesting
The Consumer Financial Protection Bureau (CFPB) today took action against Atlantic Union Bank for illegally enrolling thousands of customers in checking account overdraft programs.
Prepared Remarks of Director Rohit Chopra at the April 2023 Financial Literacy and Education Commission
Director Chopra delivered remarks at the April 25, 2023, meeting of the Financial Literacy and Education Commission.
Deputy Director Martinez’s Prepared Remarks at the Consumer Law Scholars Conference
Deputy Director Martinez delivered prepared remarks on the CFPB’s junk fees work at the Consumer Law Scholars Conference in Berkeley, California.
CFPB Orders Regions Bank to Pay $191 Million for Illegal Surprise Overdraft Fees
Repeat offender will refund at least $141 million to customers and pay $50 million penalty.
CFPB Takes Action Against Hello Digit for Lying to Consumers About Its Automated Savings Algorithm
The Consumer Financial Protection Bureau (CFPB) is taking action against Hello Digit, LLC, a financial technology company that used a faulty algorithm that caused overdrafts and overdraft penalties for customers. Hello Digit was meant to save people money, but instead the company falsely guaranteed no overdrafts with its product, broke its promises to make amends on its mistakes, and pocketed a portion of the interest that should have gone to consumers.
Consumer Financial Protection Bureau Launches Initiative to Save Americans Billions in Junk Fees
Today, the Consumer Financial Protection Bureau (CFPB) launched an initiative to save households billions of dollars a year by reducing exploitative junk fees charged by banks and financial companies. Today’s request is a chance for the public to share input that will help shape the agency’s rulemaking and guidance agenda, as well as its enforcement priorities in the coming months and years.
CFPB Research Shows Banks’ Deep Dependence on Overdraft Fees
Banks continue to rely heavily on overdraft and non-sufficient fee (NSF) revenue, which reached an estimated $15.47 billion in 2019, according to research released today by the Consumer Financial Protection Bureau (CFPB).
Prepared Remarks of CFPB Director Rohit Chopra on the Overdraft Press Call
Director Rohit Chopra remarks at a press call on overdraft fees.
Consumer Financial Protection Bureau Announces Settlement with TD Bank for Illegal Overdraft Practices
The Consumer Financial Protection Bureau announced a settlement with TD Bank, N.A. regarding its marketing and sale of its optional overdraft service: Debit Card Advance (DCA).
Consumer Financial Protection Bureau Outlines Plan to Review Rules Under the Regulatory Flexibility Act
Today the Consumer Financial Protection Bureau (CFPB) published a notice on how it plans to periodically review regulations under the Regulatory Flexibility Act (RFA) and to request public input.
Bureau of Consumer Financial Protection Settles With TCF National Bank
Today the Bureau of Consumer Financial Protection (Bureau) filed in federal district court a proposed settlement with TCF National Bank regarding its marketing and sale of overdraft services.
CFPB Supervision Recovers $14 Million in First Half of 2017 for Over 100,000 Consumers Harmed by Illegal Practices
Bureau Supervision Requires Some Companies to Change Practices to Prevent Future Violations.
Prepared Remarks of CFPB Director Richard Cordray on the Overdraft Press Call
Press call on "Know Before You Owe: Overdraft" in Washington, D.C. on August 4, 2017.
CFPB Unveils Prototypes of "Know Before You Owe" Overdraft Disclosure Designed to Make Costs and Risks Easier to Understand
New CFPB Study Shows Opted-In Frequent Overdrafters Typically Pay Almost $450 More in Fees.
Consumer Financial Protection Bureau Orders Santander Bank to Pay $10 Million Fine for Illegal Overdraft Practices
Bank Deceptively Marketed Its Overdraft Service to Consumers, Violated “Opt-in” Rule.
CFPB Fines Regions Bank $7.5 Million for Unlawful Overdraft Practices
Bank Refunds $49 Million in Illegal Fees to Consumers Who Did Not Opt-In to Overdraft Today the Bureau took action against Regions Bank for charging...
Prepared Remarks of CFPB Deputy Enforcement Director Cara Petersen on the Regions Bank Enforcement Action Press Call
Today the Bureau is taking its first enforcement action under the federal rules that protect consumers against illegal overdraft fees by their banks. We are...
CFPB Finds Small Debit Purchases Lead to Expensive Overdraft Charges
Majority of Debit Card Overdraft Fees Incurred on Transactions of $24 or Less Today, the Bureau released a report that raises concerns about the impact of...