CFPB Takes Action to Stop Banks from Harvesting Overdraft Fees Without Consumers’ Consent

News Consumer protection English Guidance

Date: 17th Sep, 2024 Source: Consumer Financial Protection Bureau Country: USA Original Source

Brief

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) published guidance to help federal and state consumer protection enforcers stop banks from charging overdraft fees based on phantom opt-in agreements. Phantom opt-ins occur when banks claim they have customers’ consent to charge overdraft fees but there is no proof they actually obtained that consent.

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Consumer Financial Protection Bureau

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CFPB Takes Action to Stop Banks from Harvesting Overdraft Fees Without Consumers’ Consent

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CFPB Takes Action to Stop Banks from Harvesting Overdraft Fees Without Consumers’ Consent

Brief

Consumer Financial Protection Bureau

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