CFPB ordered Navy Federal in November 2024 to pay $80 million to service members unfairly charged overdraft fees. CFPB ...

Former officials from the Consumer Financial Protection Bureau, or CFPB, are calling the watchdog's choice to let Navy ...

A group of senators says they have "profound alarm" and are demanding answers over the unprecedented decision by the government's consumer watchdog to drop its case against Navy Federal Credit Union ...

In a statement, CFPB director Rohit Chopra called overdraft fees a “legal loophole” that have drained billions of dollars from Americans’ bank accounts. Get a curated selection of 10 of our ...

The CFPB says this will save a household that pays overdraft fees $225 a year — $5 billion in annual savings for American consumers in total. Consumer-focused organizations praised the new rule.

The Consumer Financial Protection Bureau, emboldened under President Biden, is targeting what the watchdog agency says are exploitative “junk fees,” such as bank overdraft fees, that drain ...

Overdraft fees have long been a financial burden for many, especially those struggling to make ends meet. However, a new rule from the Consumer Financial Protection Bureau (CFPB) aims to alleviate ...

Since the CFPB began tackling junk fees, many banks have reduced or eliminated overdraft fees, saving consumers billions. However, overdraft fees still totaled $5.8 billion in 2023.

Technically, the CFPB plans to propose eliminating an exemption for overdraft services from complying with the Truth in Lending Act. Chopra said consumers have paid an estimated $280 billion in ...

Consumers will save up to $5 billion in bank and credit union overdraft fees each year in a reform finalized Thursday by the U.S. Consumer Financial Protection Bureau.

The new CFPB regulation would require large banks and credit unions to either charge just $5 for overdrafts or, alternatively, pick an amount no higher than the cost of offering overdraft protection.

He said that overdraft fees were never meant to be a major profit driver for banks. The CFPB claims the rule will save consumers $225 per household or $5 billion a year. "The CFPB is cracking down on ...