CFPB Targets Repeat Offenders, Overdraft Fees
Continuing his campaign against repeat offenders, CFPB Director Chopra announced sweeping penalties against Regions Bank for “illegal, surprise overdraft” fees. These are said to be “manipulative” fees charged after the bank had notified consumers of sufficient balances at the time of a transaction, with the release accompanying the order also alleging that Regions’ senior management continued these fees after staff warned against them following an earlier CFPB enforcement order and Fed warnings.
Fed’s Bowman strongly disputes assertion of undo banking-market concentration
In remarks today FRB governor Bowman made it clear that she will dissent for any new merger policy, concluding that regulated banking is currently over-concentrated. In her talk, she provides extensive data on the transformation of retail banking, arguing that the current measures are particularly deceptive when it comes to community banks.