Tag Archives: CFPB

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News Release: New CFPB Protection Will Curb Big-Bank Overdraft Fees, Save Households Billions Annually

Today, the Consumer Financial Protection Bureau (CFPB) finalized new protections against overdraft fee abuses at the largest financial institutions, closing a decades-old loophole that allowed big banks to gouge their customers for an inexpensive service. The CFPB’s overdraft fee rule will reduce most overdraft fees from $35 per transaction down to $5, saving households in the United States $5 billion annually.

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News Release: Senate Hearing Highlights CFPB Work in Protecting Consumers Against Wall Street

Today, the Senate Banking Committee will hold a hearing with Rohit Chopra, the director of the Consumer Financial Protection Bureau (CFPB), where lawmakers will hear testimony about the agency’s efforts to enforce and promote fairness, transparency, and competitiveness in the financial services that people rely on every day and hold accountable the Wall Street banks and financial predators that take advantage of vulnerable customers.

Blog: Holiday Wishes for Less Credit Card Gouging

We are now full-on into the mad rush of the busiest shopping season of the year and retail sales are expected to reach a record breaking $75 billion just from Black Friday through Cyber Monday. But can we really afford all of these purchases? Or are we being lured into an endless credit card debt trap that will take the rest of the year — or longer — to pay off the interest and fees and charges?

News Release: Live Counter Tallies Cost to Consumers as Big Banks Block Credit Card Late Fee Cap

A cap on junk fees could have saved consumers billions. Now, opposition from big Wall Street banks is costing consumers $317 each and every second.

Today, Americans for Financial Reform is launching the Wall Street Ripoff Counter that tallies the money consumers have lost since big banks managed to block a new consumer protection limiting credit card late fees in court.

Blog: Navy Federal Credit Union Case Highlights Need to Lower Overdraft Fees

Last week, the Consumer Financial Protection Bureau (CFPB) ordered the largest credit union in the United States to stop charging its customers illegal overdraft fees. Navy Federal Credit Union has been ordered to refund $80 million back to its customers, many of whom are active duty servicemembers, veterans, and Department of Defense civilian employees. Additionally, the credit union must pay a $15 million penalty to the agency’s victims relief fund.