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Consumer watchdog launches overdraft inquiry

The Consumer Financial Protection Bureau is expected to launch an inquiry Wednesday into banks’ overdraft practices, which have been in regulatory crosshairs in recent years. The bureau said it will look into whether banks are reordering customers’ debit-card charges to maximize overdraft fees. Reordering transactions can double or triple penalties, and the practice has been the target of several class-action lawsuits against the nation’s biggest banks.
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See more about: Consumer Financial

9 Big Banks' Overdraft Fee Practices Are Under Fire

Business & Finance : Business Insider: Clusterstock (2 years ago)

The Consumer Financial Protection Bureau is about to see whether banks have complied with rules on how they manage consumers' overdraft protection services, Bloomberg News reports. The rules were supposed to keep banks from luring c... Read Post

CFPB Explores Bank Overdraft Fees, Questions Overdraft Protection

Business & Finance : Payments News (last year)

The US Consumer Financial Protection Bureau (CFPB) has published a new report on bank and credit union overdraft practices that it says "raises concerns about whether the overdraft costs on consumer checking accounts can be anticipa... Read Post

What Do Banks Have to Hide From CFPB's Efforts to 'Make the Market for Credit Work Better'?

Business & Finance : Huffington Post: Business Blog (3 hours ago)

This month, two different but powerful Wall Street bank lobbies launched self-serving attacks on the Consumer Financial Protections Bureau's most recent efforts to make banking markets more transparent. What do the banks have to hid... Read Post

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