CFPB May Hold Banks' Overdraft Plans To Single Standard

Law360, New York (June 11, 2013, 12:10 AM EDT) -- The Consumer Financial Protection Bureau said Tuesday that recent regulatory changes had improved consumer protections in banks' overdraft protection plans, but variations in the terms and conditions for those plans among banks may force new, uniform standards for such products.

In a report, the agency found that even though banks are required to ask consumers whether they want to participate in overdraft protection programs, which cover some payments and withdrawals that go beyond the funds in a customer's account, consumers who opt-in end up paying higher...
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