Tagged: overdrafts

Independent Community Bankers of America Boss Pans CFPB Overdraft Rule

This week, Independent Community Bankers of America president and CEO Rebeca Romero Rainey spoke out against the Consumer Financial Protection Bureau’s final rule on overdraft services. Despite the Consumer Financial Protection Bureau’s overdraft rule’s exemption for community banks under $10 billion in assets, Rainey said… Read More

American Bankers Association, Consumer Bankers Association Sue CFPB for New Overdraft Rules

The Consumer Bankers Association (CBA), American Bankers Association (ABA), America’s Credit Unions, Mississippi Bankers Association, and other individual banks have joined in a lawsuit challenging the final rules issued by the Consumer Financial Protection Bureau impacting overdraft regulations. Yesterday, the CFPB issued rules that manage… Read More

CFPB Targets Overdraft Fees, House Financial Services Committee Says Not So Fast

The Consumer Financial Protection Bureau (CFPB) has announced a final rule that addresses the overdraft system for consumers who need credit beyond an existing balance. The new rule allows large banks several options for overdrafts: They can choose to charge $5; To offer overdraft as… Read More

CFPB on Overdraft Fees: Shift to Open Banking Will Make it Harder for Banks to Trap Customers Plagued by Fee Harvesting

Mr. Potter Banker Banking (1)

As was reported earlier this week, the Consumer Financial Protection Bureau (CFPB) has published a report on overdraft fees. These usurious fees generate billions on revenue for traditional banks. Almost like a drug addict, old banks struggle to eliminate these fees that end up harming… Read More

As Bad as Payday Lenders: FCA Chastises Banks’ Overdraft Fees, Provides New Rules on Overdrafts

The Financial Conduct Authority (FCA) is introducing new rules regarding overdraft fees that impact consumers. The new rules expect to benefit 70% of the population as banks will now be required to charge a simple annual interest rate, without any additional fees or charges beginning… Read More

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