CFPB-PR-240116-1
Date Released: 
January 16, 2024
Headline:
CFPB-PR-240116-1 – Prepared Remarks of CFPB Director Rohit Chopra on Overdraft Lending Press Call
Excerpt:
Overdraft loans – along with the hefty and often surprising fees that come with them – affect families across the country. For many of those charged overdraft fees, the market is not working for them, even if they are happy a bank processed a transaction instead of declining it. Compared to credit cards and other forms of credit, overdraft lending is very expensive.
More than a half-century ago, overdrafts began as an occasional convenience with a modest fee. Over the course of several decades, many of the nation’s largest banks morphed this market into a junk fee harvesting machine. That’s why the Consumer Financial Protection Bureau is taking action to close regulatory loopholes that will bring long-overdue transparency and competition for overdraft lending.
https://www.consumerfinance.gov/about-us/newsroom/prepared-remarks-of-cfpb-director-rohit-chopra-on-overdraft-lending-press-call/
[Date Accessed: 3/9/2024]
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