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Biden regulators target transaction declined fees, considered another type of bank 'junk fee'

The Biden administration proposed banning another type of bank “junk fee” on Wednesday, targeting fees that are typically charged by banks when a transaction is declined in real time. It's the second major proposal by the Consumer Financial Protection Bureau over fees that Americans sometimes run into when they bank, following the bureau's announcement that it plans to reduce overdraft fees to as little as $3. The CFPB's proposal on Wednesday focused on a narrower set of transactions: when a customer tries to withdraw money, send a payment immediately or make a purchase and that transaction is declined at the time of the transaction due to lack of sufficient funds.

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Joe Biden Moves To Slash Bank Overdraft Fees With New Rule

“Banks call it a service,” the president said. “I call it exploitation.”

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Bank overdraft junk fees targeted by Biden, Consumer Financial Protection Bureau

The Consumer Financial Protection Bureau proposed a benchmark fee between $3 and $14

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Biden proposal could significantly lower bank overdraft fees

The Biden administration is launching a proposal that could cut overdraft fees by over half, according to the White House.

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Biden proposal would slash bank overdraft fees to as low as $3

The proposed rule targeted a loophole that allowed bank overdraft fees to balloon, hitting low-income Americans hardest.

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DOJ alleges Texas developer targeted Hispanic borrowers in land sale scheme

The U.S. Justice Department announced Wednesday its first predatory mortgage lending case.

Texas , United-states , Texans , Alamdar-hamdani , Kristen-clarke , Rohit-chopra , Us-justice-department , Consumer-financial-protection-bureau , Colony-ridge , Southern-district , Assistant-attorney-general-kristen , Redatory-mortgage-lending

Toyota Hit With $60 Million Penalty For Scamming Buyers Into Pricy Product Bundles

The Consumer Financial Protection Bureau said Toyota Motor Credit would pretty much force buyers into expensive bundles they may not have actually wanted

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Analysis-US consumer watchdog hands Wall Street rare win with Big Tech crackdown

The U.S. consumer watchdog, not usually known to side with Wall Street lenders, has handed them a rare win by cracking down on Big Tech companies that are increasingly encroaching on banking turf. The Consumer Financial Protection Bureau (CFPB) last week proposed regulating payments and smartphone wallets provided by tech leaders like Apple and Google, arguing they now rival traditional bank services in scale and scope and should be subject to the same consumer safeguards. The long-anticipated move by CFPB Director Rohit Chopra, who built his career targeting Big Tech over privacy and competition issues, gives a competitive boost to lenders grappling with an onslaught of new rules from capital hikes and caps on debit and credit cards fees to tougher fair lending standards.

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Meta, Apple At Risk of Increased Regulation of Digital Wallets

(Bloomberg) -- Meta Platforms Inc., Apple Inc., Alphabet Inc. and other companies that offer digital wallets and payment apps would fall under US Consumer Financial Protection Bureau supervision under a newly proposed rule aimed at treating nonbanks more like traditional counterparts.Most Read from BloombergRockstar Plans to Announce Much Anticipated ‘Grand Theft Auto VI’Trump's Wealth Has Jumped $500 Million Since He Left the White HouseWeWork Goes Bankrupt, Signs Pact With Creditors to Cut Deb

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US watchdog wants Apple Pay regulated like a bank

The US Consumer Financial Protection Bureau has proposed that digital wallets such as Apple Pay should be regulated, and currently lack safeguards.

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