CFPB aims to stop banks ‘abuse’ of overdraft fees: CFPB Director
- Update Date：
- Post Date：
The Consumer Financial Protection Bureau is trying to clamp down on overdraft fees issued by the nation’s largest banks. CFPB Director Rohit Chopra joined Yahoo Finance’s Jennifer Schonberger to discuss the proposed overdraft fee changes, noting they aim to empower consumers to “manage their overdraft loans more effectively,” though the proposals do not eliminate them entirely. Chopra says banks have displayed “a lot of abuse” around overdraft fees, fueling a “billion dollar bonanza.” He argues these new rules look to “close a longstanding loophole” and force fairer, upfront terms for customers. While banks “will always look to find profits everywhere they can,” Chopra calls the CFPB proposal “quite reasonable.” Chopra […]
