CFPB Renews Focus on Overdraft and NSF Fees

The CFPB has renewed its focus on banks’ use of overdraft fees over the last several months based on its concern that there is a lack of competition amongst depository institutions on overdraft terms.  The CFPB’s efforts to bring this issue to the public’s attention include publishing a summary chart of large banks’ overdraft and non-sufficient funds practices, holding a press call on the topic (see related reporting from WBK), and most recently, publishing a blog post implying that its renewed focus has resulted in recent consumer-friendly changes at many banks with regard to these fees.