Tag #Cfpb

Showing 73 to 75 of 75 results

nbcnews.com

🌐 85% Global Worthiness

Dec 12, 19:12

CFPB Limits Bank Overdraft Fees to $5, Saving Consumers Billions

The CFPB finalized a rule limiting banks' overdraft fees to $5 or cost-covering amounts, aiming to save consumers $5 billion yearly, effective October 1, 2025, but facing industry opposition and potential legal challenges.

CFPB Limits Bank Overdraft Fees to $5, Saving Consumers Billions

The CFPB finalized a rule limiting banks' overdraft fees to $5 or cost-covering amounts, aiming to save consumers $5 billion yearly, effective October 1, 2025, but facing industry opposition and potential legal challenges.

Progress

48% Bias Score

ShareSaveArticle

Reduced Inequality

12345678

Previous 1 of 8 Next

What is the immediate financial impact of the CFPB's new overdraft fee rule on consumers and banks?

The CFPB finalized a rule limiting bank overdraft fees, potentially saving consumers $5 billion annually. Banks can charge a maximum of $5 per overdraft or a cost-covering amount, or disclose the loan's interest rate. This follows a decline in bank overdraft revenue, with some banks already reducing or eliminating fees.

cbsnews.com

🌐 85% Global Worthiness

Dec 6, 01:08

CFPB Awards $1.8 Billion in Refunds for Credit Repair Scam

Over 4.3 million Americans will receive $1.8 billion in refunds due to illegal fees and deceptive advertising by credit repair companies Lexington Law and CreditRepair.com, following a CFPB court victory and subsequent company bankruptcies.

CFPB Awards $1.8 Billion in Refunds for Credit Repair Scam

Over 4.3 million Americans will receive $1.8 billion in refunds due to illegal fees and deceptive advertising by credit repair companies Lexington Law and CreditRepair.com, following a CFPB court victory and subsequent company bankruptcies.

Progress

40% Bias Score

ShareSaveArticle

Reduced Inequality

12345678

Previous 1 of 8 Next

How did the CFPB's actions lead to the $1.8 billion refund, and what actions did the companies take after the court ruling?

This $1.8 billion refund is the result of a legal battle against credit repair companies that violated consumer protection laws by charging illegal advance fees and engaging in deceptive advertising. The CFPB's action highlights its commitment to protecting consumers from exploitative practices, and demonstrates the significant financial impact of such violations.

abcnews.go.com

🌐 85% Global Worthiness

Dec 12, 16:09

CFPB Caps Overdraft Fees at $5, Saving Consumers Billions

The CFPB finalized a rule capping overdraft fees at $5, potentially saving consumers up to $5 billion annually, starting October 1, 2025, though legal challenges are possible.

CFPB Caps Overdraft Fees at $5, Saving Consumers Billions

The CFPB finalized a rule capping overdraft fees at $5, potentially saving consumers up to $5 billion annually, starting October 1, 2025, though legal challenges are possible.

Progress

44% Bias Score

ShareSaveArticle

Reduced Inequality

12345678

Previous 1 of 8 Next

What are the potential responses from the banking industry and Congress to this new regulation?

This new rule, part of a broader effort to curb "junk fees," directly addresses the financial burden of overdraft fees on American consumers, particularly those living paycheck to paycheck. The rule offers banks three options: a $5 cap, cost-covering fees, or transparent loan disclosures for profit-based fees. Banks with over \$10 billion in deposits are subject to this regulation.

Showing 73 to 75 of 75 results