CFPB Sets its Sights on Handling of Frequent Overdrafters
Signaling what could be start of an industry-wide clamp down, the CFPB sent a letter to the big retail banks encouraging them to offer accounts that make it harder for frequent overdrafters to overdraft their accounts, such as prepaid accounts or accounts that don't permit overdrafts. It also raised concerns about consumer "blacklists" that make it difficult for frequent overdrafters to open accounts and warns that inaccurate reporting about frequent overdrafters could result in penalties. [2/3/16]