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CFPB takes first enforcement action against overdraft
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Case Law, Consumer Protection
Friday, May 1, 2015
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Although the Consumer Financial Protection Bureau has not issued any proposed rules specifically on overdraft protection, it addressed such features in its prepaid card proposals and has now announced its first enforcement action against illegal overdraft fees. Regions Bank will be required to pay $7.5 million to the bureau’s Civil Penalty Fund despite charging consumers at least $49 million in illegal fees. Read on to know why the bank wasn’t charged a larger penalty.
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