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CFPB Targets Financial institution Overdraft Charges
The Shopper Monetary Safety Bureau (CFPB) is getting ready to make it a lot more durable for banks to cost purchasers overdraft charges. Company officers have privately instructed business executives that the regulator will seemingly unveil its long-awaited plan to crack down in December, based on folks conversant in the discussions.
Bloomberg stories that CFPB has been crafting the rules for months, and many of the particulars stay secret.
Wells Fargo reached a $3.7 billion settlement with federal regulators in December to settle allegations of “shock” overdraft charges and different fees. Areas Monetary additionally agreed to pay $191 million to settle an analogous case in September 2022.
The CFPB has not commented on the timing of its plans, has mentioned banks received practically $8.5 billion in 2021 from inadequate fund and sure low-balance charges.
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