The Consumer Financial Protection Bureau said there has been a “notable trend” of banks changing overdraft programs as the bureau begins targeting overdraft and non-sufficient fund fees.
Recent Changes: In a new blog post, the CFPB said it is encouraged by these changes, which include eliminating NSF fees charged when transactions bounce, reducing the size of overdraft fees, and restricting the number of fees that may be charged each day.
Background: The CFPB recently asked consumers to provide input on financial institutions’ “exploitative junk fees.”
ICBA Response: ICBA and other groups responded with a joint release noting that financial institutions already follow multiple federal laws and the CFPB's own rules requiring them to clearly disclose terms and fees.