CFPB Plots Crackdown On 'Exploitative' Overdraft Fees
By Jon Hill (December 1, 2021, 5:34 PM EST) -- Consumer Financial Protection Bureau Director Rohit Chopra said Wednesday that his agency plans to crack down on heavy account overdraft fees in consumer banking, citing new research showing what he described as an industry addiction to these fees to make money.
The CFPB issued a pair of research reports that found overdraft and non-sufficient fund fees continue to be an important source of revenue for banks, totaling an estimated $15.47 billion across the industry in 2019 and far exceeding the amounts collected in ATM fees and regular account service fees.
Larger banks with more than $1 billion in assets collected roughly...
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