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Financial institutions are refunding $140 million to consumers for so-called junk fees, the Consumer Financial Protection Bureau (CFPB) said Wednesday. The consumer watchdog said $98 million is being refunded for surprise overdraft fees, while another $22 million is being refunded for multiple insufficient fund fees levied on a single transaction. The CFPB also accused companies…
The White House and two major consumer-protection agencies will announce new measures to reduce tens of billions of dollars in "junk fees."
Some players in the Banking-as-a-Service ecosystem say fair lending isn't their problem. But they're wrong about the law - and fairness is good for business anyway.
The Consumer Financial Protection Bureau director told Yahoo Finance that if his agency's funding were ruled unconstitutional it would create "a lot of headaches" for consumers.
The Supreme Court is heading into its second week of its term and will hear major cases, including a racial gerrymandering challenge to South Carolina's 1st Congressional District and a whistleblower retaliation case.