CFPB Report: $140 Million in Illegal Junk Fees Returned to Consumers by Financial Institutions
TL;DR
The Consumer Financial Protection Bureau (CFPB) has released a special edition of its Supervisory Highlights, revealing its efforts to protect consumers from illegal junk fees in banking, auto loans, and remittances. As a result of the CFPB's supervisory work, companies are refunding $140 million to consumers, with $120 million for surprise overdraft fees and double-dipping on non-sufficient funds fees. The report also highlights the elimination of non-sufficient funds fees by most financial institutions, saving consumers an estimated $2 billion annually. The CFPB continues to combat illegal fees and urges consumers to submit complaints about financial products or services.
Topics:businessconsumer-protection#cfpb#consumer-finance#consumer-protection#illegal-fees#junk-fees#refunds
- CFPB Exams Return $140 Million to Consumers Hit by Illegal Junk Fees in Banking, Auto Loans, and Remittances Consumer Financial Protection Bureau
- Businesses are returning $140 million in surprise overdraft fees to consumers, according to a CFPB report CNBC
- Financial institutions refunding $140M in ‘junk fees,’ consumer watchdog says The Hill
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