Regulatory Roundup – January 2023

CFPB Issues Junk-Fees Guidance

THE CONSUMER FINANCIAL Protection Bureau issued guidance about two “junk fee” practices that it said are likely unfair and unlawful under existing law. The first, surprise overdraft fees, includes overdraft fees charged when consumers had enough money in their account to cover a debit charge at the time the bank authorized it. The second is the practice of indiscriminately charging depositor fees to every person…