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The Consumer Financial Protection Bureau said it intends to use information it is gathering from financial institutions on their overdraft practices to identify institutions for further regulatory review.
Inquiries: The CFPB said in a new blog post that it has asked more than 20 institutions for data on five consumer-impact metrics. The bureau said it is also seeking detailed information on entities’ overdraft and non-sufficient-funds practices.
Impact: The CFPB said it will use this information for further examination and review, to provide feedback to each affected institution, and to share with other regulators, though it will not be made public.