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.
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
The Consumer Financial protection Bureau has begun an examination of fees that banks charge consumers for overdrawn checking accounts. The bureau said Tuesday that its inquiry would center on whether banks charged dubious fees and m... Read Post