White House pushes state policymakers to restrict ‘junk fees’
The Biden administration this week released a guide for state legislatures and attorneys general on how they can take action against what it has labeled “junk fees.”
Browsing: Overdraft protection
Wall Street Journal editorial pans Biden administration campaign against bank fees
A Biden administration proposal to reduce and eliminate so-called “junk fees” charged by financial institutions is likely to harm the very people it purports to help, the Wall Street Journal said in an editorial this week.
Biden repeats misleading message about bank fees in State of the Union
In his State of the Union address tonight, President Biden highlighted his administration’s proposals to place price controls on consumer fees, including fees charged by banks for late payments.
Agencies issue regulatory agenda addressing overdraft, NSF fees, other issues
The Biden administration today issued its Fall 2022 Semiannual Regulatory Agenda—a semiannual listing of rulemakings that departments and agencies expect to initiate or continue during the next six months.
ABA responds to Biden tweet on ‘junk fees’
Responding to a misleading statement about credit card and overdraft fees from President Joe Biden’s official Twitter account, the American Bankers Association today noted that the CFPB sets the allowable amount for credit card late fees, and like fees for overdraft protection, they are highly regulated and fully disclosed to consumers by law.
CFPB issues guidance on fees for overdraft protection, depositors
The Consumer Financial Protection Bureau today issued guidance on certain overdraft and depositor bank fees that the agency alleged “are likely unfair and unlawful.”
ABA Data Bank: Consumers value overdraft protection
Most consumers appreciate and value bank overdraft programs, according to a new Morning Consult survey commissioned by ABA.
ABA survey finds strong support for cannabis banking, overdraft protection
U.S. consumers support cannabis banking, value overdraft protection and believe financial technology companies and credit unions should be held to the same standards as banks, according to a new survey commissioned by the American Bankers Association
CFPB suggests banking practices to promote financial health of older Americans
Banks and credit unions should design account offerings to promote the financial health of older adults, the Consumer Financial Protection Bureau said today in a new report.
ABA opposes overdraft bill, calls credit report bill flawed
The American Bankers Association is asking House Financial Service Committee members to oppose two bills that would rewrite federal rules on overdraft fees and the use of credit information in determining mortgage loan eligibility.