President-elect Donald Trump and congressional Republicans are reportedly considering sweeping changes to the Consumer Financial Protection Bureau (CFPB). The GOP hopes to curtail the powers and funding of the CFPB, the Washington Post reported Sunday (Nov. 25), putting them in the same camp with banks,...
The government has ordered America’s largest credit union to repay its customers $80 million. Navy Federal Credit Union was issued that order Thursday (Nov. 7) by the Consumer Financial Protection Bureau (CFPB) after the regulator found that the financial institution had charged members illegal overdraft...
Last year, overdraft fees charged by banks — representing a revenue stream tied to account use — slipped by 24% to $5.8 billion. The industry is off its peaks for those fees, as 2019 saw overdrafts/non-sufficient fee revenues near $12 billion, as estimated earlier this...
The Consumer Financial Protection Bureau (CFPB) aims to stop banks from charging overdraft fees based on what it calls “phantom opt-in agreements” — cases in which banks claim to have customer consent to charge overdraft fees but can provide no proof. The agency published a...
March 05, 2024
Call it a form of fixed pricing in the banking industry. Financial services are joining the ranks of segments, such as pharma, where there are rules governing what enterprises can charge customers. And there may be some unintended consequences as a result. The Consumer Financial Protection Bureau finalized Tuesday (March 5) a rule that cuts what it […]
January 17, 2024
Labels are popular on Capitol Hill. And this week the labels are flying fast and furiously, aimed at big banks and credit unions. The Consumer Financial Protection Bureau (CFPB) put...
January 04, 2024
The calendar has barely turned to a new year — and the Consumer Financial Protection Bureau (CFPB) has already had a fair share of criticism. The most recent volley against...
October 12, 2023
Present economic and financial challenges have compelled individuals from various income brackets and credit backgrounds to resort to overdrafts — a form of credit whereby a consumer’s bank covers a...
December 12, 2024
Four trade associations and three banks are pursuing legal action against the Consumer Financial Protection Bureau’s (CFPB) final rule on overdraft services, which was released Thursday (Dec. 12). In their lawsuit, the organizations allege that the CFPB exceeded its regulatory authority with this new regulation and that it did not appropriately consider how its actions […]
November 24, 2024
President-elect Donald Trump and congressional Republicans are reportedly considering sweeping changes to the Consumer Financial Protection Bureau (CFPB). The GOP hopes to curtail the powers and funding of the CFPB,...
November 07, 2024
The government has ordered America’s largest credit union to repay its customers $80 million. Navy Federal Credit Union was issued that order Thursday (Nov. 7) by the Consumer Financial Protection...
September 17, 2024
The Consumer Financial Protection Bureau (CFPB) aims to stop banks from charging overdraft fees based on what it calls “phantom opt-in agreements” — cases in which banks claim to have...
