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.
Director Chopra delivered remarks at the April 25, 2023, meeting of the Financial Literacy and Education Commission.
Deputy Director Martinez delivered prepared remarks on the CFPB’s junk fees work at the Consumer Law Scholars Conference in Berkeley, California.
Repeat offender will refund at least $141 million to customers and pay $50 million penalty.
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.
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.
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).
Director Rohit Chopra remarks at a press call on overdraft fees.
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).
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.
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.
Bureau Supervision Requires Some Companies to Change Practices to Prevent Future Violations
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.
New CFPB Study Shows Opted-In Frequent Overdrafters Typically Pay Almost $450 More in Fees
Bank Deceptively Marketed Its Overdraft Service to Consumers, Violated “Opt-in” Rule
Bank Refunds $49 Million in Illegal Fees to Consumers Who Did Not Opt-In to Overdraft WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) took action against Regions Bank for charging overdraft fees to consumers who had not opted-in for overdraft coverage. The bank also charged overdraft and non-sufficient funds fees on its deposit […]
Today the Consumer Financial Protection Bureau is taking its first enforcement action under the federal rules that protect consumers against illegal overdraft fees by their banks. We are taking action against Alabama-based Regions Bank for failing to ask consumers if they wanted overdraft service before charging them fees for this service. Regions amplified this harm […]
Majority of Debit Card Overdraft Fees Incurred on Transactions of $24 or Less WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) released a report that raises concerns about the impact of opting in to overdraft services for debit card and ATM transactions. The study found that the majority of debit card overdraft fees […]
Thank you all for joining me today for the release of the Consumer Financial Protection Bureau’s data point on checking account overdrafts. This is our second report on overdraft that raises concerns about how consumers are being affected by overdraft practices.
The report shows big differences across financial institutions when it comes to overdraft coverage on debit card transactions and ATM withdrawals, drawing into question how banks sell this account feature.
As part of that inquiry, the CFPB is seeking public input on a prototype “penalty fee box” – a disclosure on a consumer’s checking account statement that would highlight the amount overdrawn and total overdraft fees charged.