Bloomberg Reports CFPB’s Proposed Overdraft Rule May Not Be Too Onerous
A recent article in Bloomberg Business reports that financial institutions may be able to continue to protect the significant income they receive from overdraft fees. After three years of studying overdraft protection programs, an insider at the CFPB told Bloomberg that it is unlikely that the proposed rule will cap the fees that financial institutions can charge, but may bar the reordering on overdrafts to maximize fee income and may require better disclosure of polices that allow consumers to avoid fees. [6/8/15]
