Consumer Watchdog Ups Pressure on Banks over Fees

Consumer Watchdog Ups Pressure on Banks over Fees
The seal of the Consumer Financial Protection Bureau (CFPB) is seen at their headquarters in Washington on May 14, 2021. Andrew Kelly/Reuters
Reuters
Updated:

NEW YORK—The consumer watchdog on Wednesday ramped up scrutiny of bank and credit card charges, seeking public comments about various “junk fees” consumers are charged by banks, from overdrafts to late fees.

The Consumer Finance Protection Bureau (CFPB) says banks have grown reliant on overdraft fees, which contributed $15 billion of revenue in 2019, and is considering “regulatory interventions” to increase transparency and competition.