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

A group of senators says they have "profound alarm" and are demanding answers over the unprecedented decision by the ...

Congress overturned a rule that would have capped overdraft fees at some banks and credit unions. Consumer Investigator ...

Republicans have long targeted the Consumer Financial Protection Bureau for elimination. It survives, for now, but has ...

When Navy Federal entered into its settlement with the CFPB, it not only agreed to the repayments and the fine, but also to stop charging the banned overdraft fees. Both former CFPB officials who ...

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 ...

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.

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.

While overdraft fees have been a lucrative line item for the industry, generating $280 billion in revenue since 2000 according to the CFPB, banks’ revenue from the service has been on the decline.

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 ...

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.

Read Next: Army Disbanding Most Ceremonial Horse Units Neither Navy Federal nor the CFPB has offered an official statement explaining the move. In a now-removed news release, the CFPB had ...