CFPB Announces Final Rule Closing “Overdraft Loophole” Created by TILA
By EsqSocial Corporation 19/12/24
On December 12, 2024, the Consumer Financial Protection Bureau (CFPB) announced its final rule, redefining overdraft fees as finance charges in order to limit overdraft fees. The final rule seeks to regulate how overdraft fees are charged and collected in an effort to save consumers money. The CFPB believes the new rule will save consumers $5 billion annually. The final rule marks another step in the CFPB’s efforts to eliminate “junk fees,” though its ultimate impact on consumers remains...
By: Bradley Arant Boult Cummings LLP