NYS leads 25 state AGs opposing CFPB changes to bank overdraft rules

July 2, 2019

A coalition of 25 state Attorneys General led by New York State AG Leticia James have written a joint letter to the Consumer Financial Protection Bureau, stating their opposition to any rollback or modification of bank overdraft fee rules claiming it will hurt consumers. 

The existing rules allow banks to charge overdraft fees for ATM transactions and debit purchases after they have been fully notified of the charges and after they opt in to use the services. 

"If the CFPB rolls back this rule, it would put hard working people in harms way by allowing banks to charge more overdraft fees, all in the name of corporate greed," James said in a release from her office. "Consumers across New York deserve the chance to make informed decisions about their finances, so I urge the CFPB to give them the opportunity and create a more efficient and fair marketplace."

The rule, which originally went into effect in 2010, is based on the concern that consumers usually get overdraft services by default, but are not clearly informed of the rules under which they work. 

Topics: ATMs, Mobile Banking, Regulatory Issues

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