Today news
About the same in other media
Financial watchdog cracks down on bank overdraft fees
Reading now: 920
cnbc.comThe Consumer Financial Protection Bureau is cracking down on banks charging fees for customers who overdraw their checking accounts, the bureau announced Wednesday.
The financial watchdog is planning a «range of regulatory interventions» targeting firms that rely heavily on overdraft fees as a revenue source, Rohit Chopra, director of the CFPB, said in a press call.
Overdrafts occur when customers don't have enough funds in their accounts to cover a transaction. Banks may allow the transaction to proceed, but charge a fee to cover the cost.
Charging for overdrafts and non-sufficient funds is a big money maker for banks, and has continued during the Covid-19 pandemic, Chopra said. Banks earned more than $15 billion from such charges in 2019,
Read more on cnbc.comAbout this in other media
US Financial Stability Oversight Council identifies stablecoins and cryptos as threats to financial system cointelegraph.com /2 years ago
'Buy now, pay later' stocks tumble after U.S. consumer watchdog launches probe cnbc.com /2 years ago
PCR travel tests need better policing, warns ex-watchdog boss Andrew Tyrie theguardian.com /2 years ago
Show more
The website finance-news.co. is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.
