Reported 21 days ago
The U.S. Consumer Financial Protection Bureau (CFPB) has issued legal guidance aimed at preventing banks from charging overdraft fees without proper customer consent. The guidance highlights concerns over 'phantom opt-in' situations where banks lack evidence of a consumer's agreement to such fees. CFPB Director Rohit Chopra emphasized that consumers should not face fees they did not authorize, supporting a broader initiative to address excessive banking fees and corporate pricing practices amidst rising living costs.
Source: YAHOO