United States:
Biden Administration Takes Aim At ‘Junk' Fees
23 January 2023
Cadwalader, Wickersham & Taft LLP
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The Consumer Financial Bureau issued new guidance opining that
two common bank deposit fees − "authorize positive,
settle negative" overdraft fees and return deposited items
fees − constitute unfair practices, even if disclosed to the
consumer. The CFPB's guidance, described in this article, is
significant for all depository institutions but especially those
that rely on deposit fee revenue.
Read the article in New Jersey Bankers Association
Magazine here.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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