Search Results for keywords:"non-sufficient funds fees"

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Search Results: keywords:"non-sufficient funds fees"

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  • 2024-31670 — Supervisory Highlights, Issue 37 (Winter 2024)
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    Type:Notice
    Citation:90 FR 607
    Reading Time:about 31 minutes

    The Consumer Financial Protection Bureau (CFPB) has published its 37th edition of Supervisory Highlights, which outlines recent findings from examinations of financial institutions completed in 2024. The report highlights unfair practices in the areas of deposits, such as unauthorized overdraft and non-sufficient funds fees, and issues with credit reporting related to identity theft and dispute investigations. It also discusses problems with short-term lending, including misleading loan terms and denial of credit under unfair conditions. The document emphasizes the importance of accurate information and consumer protection in financial services, noting efforts to correct violations and implement safeguards.

    Simple Explanation

    The Consumer Financial Protection Bureau (CFPB) found that some banks were being unfair, like charging people sneaky extra fees and not helping them fix mistakes on their credit reports. The report reminds them to be honest and protect people better when handling their money.

  • 2024-31385 — Fees for Instantaneously Declined Transactions; Withdrawal of Proposed Rule
    Type:Proposed Rule
    Citation:90 FR 3044
    Reading Time:about 13 minutes

    The Consumer Financial Protection Bureau (CFPB) has decided to withdraw a proposed rule that aimed to stop banks and financial institutions from charging certain non-sufficient funds (NSF) fees, like those for declined debit card purchases and ATM withdrawals. The CFPB plans to take a broader look at how to protect consumers from these fees across various transaction types. This decision was made after receiving public feedback, which highlighted potential issues with other types of transactions not initially covered by the rule. The Bureau is now considering whether a wider rule could better address abusive fee practices.

    Simple Explanation

    The Consumer Financial Protection Bureau (CFPB) decided to stop a plan that would have made banks not charge certain fees when people don't have enough money in their accounts. They now want to think about better ways to protect people from unfair money charges.