Overdraft Archives - Page 2 of 2 - Americans for Financial Reform

Joint Letter: Consumer Groups Applaud CFPB Review of Overdraft Fees, Oppose Senate Move Against Forced Arbitration Rule

The Consumer Financial Protection Bureau’s review of unfair and abusive overdraft practices is complemented by its recent efforts to limit the use of forced arbitration, said five consumer groups in a joint letter sent today to Director Richard Cordray. U.S. Senate leadership is pushing for a vote this week on a Congressional Review Act (CRA) resolution to repeal a CFPB rule that restores consumers’ right to join together in court against banks and lenders.

Coalition Sends Comments to FDIC on Overdraft Fees

A coalition of consumer advocates recently sent this letter to Sheila Bair about the FDIC and overdraft fees. Dear Ms. Bair: We, the undersigned civil rights, labor, consumer, housing, community, business, and sustainable and responsible investor groups, write to thank the FDIC for bringing attention

AFR Urges Stronger Protections Against Unfair Debit Card Overdraft Fees

Washington, DC – As of yesterday, banks and credit unions can no longer automatically charge debit card or ATM overdraft fees averaging $34 a piece. But if their deceptive marketing efforts can convince you to check a box or “sign on the dotted line,” they

National Bank Regulator Lets Unsafe Practices Flourish; Are Banks the New Face of Payday Lending?

From AFR Coalition Member The Center for Responsible Lending A key federal regulator for years has let national banks engage in lending practices that the regulator itself admits harm consumers and lenders, according to two new reports from the Center for Responsible Lending. For the

Consumers Lost $65 Million to Banks on Black Friday

The Center for Responsible Lending warned consumers this Black Friday to watch out for overdraft loans. Every day, consumers lose $65 in overdraft fees to banks. As CRL explains: At $24 billion per year in fees, unfair overdraft practices transfer funds from the accounts of

AFR Supports Overdraft Lending Reform

Americans for Financial Reform and our partners sent these letters (House, Senate, both links are PDFs) to Congress stating our strong support for overdraft reform. New bills introduced in the House and Senate take dramatic steps to protect consumers from sneaky overdraft loans. You can