FPB launches review of regulations limiting overdraft fees
A decade-old rule prevents banks from enrolling consumers in overdraft fee programs without their permission. Previously, consumers who had not enrolled in banks' overdraft protection were able to withdraw or spend money even if they lacked sufficient funds in their accounts, incurring fees for each transaction.
The effort is part of a new CFPB initiative to assess how existing regulations affect small businesses. The requirements led to “a material decrease in the amount of overdraft fees paid by consumers” the CFPB found in 2013. The report also found that consumers with overdraft protection were more vulnerable to high fees and having their accounts involuntarily closed, incurring $196 in overdraft fees on average. Those with overdraft protection had their accounts closed at a rate 2.5 times higher than those without the service.[JPMorgan Chase doled out financial advice on Twitter. It didn’t go well.
This comes at a time when Congress is taking a closer look at the banking industry. Sen. Bernie Sanders and Rep. Alexandria Ocasio-Cortez have introduced legislation that would cap credit card interest rates at 15 percent, and Sen. Elizabeth Warren has proposed making it easier to jail bank executives for corporate misdeeds.
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