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Biden administration unveils proposed changes to big banks’ overdraft fees

January 17, 2024

The Consumer Financial Protection Bureau on Wednesday unveiled long-awaited changes to how the nation’s biggest banks structure overdraft protection plans. The independent watchdog agency said the new rule closes a loophole that for decades has exempted overdraft loans from the consumer protections required by the 1968 Truth in Lending Act. Since 2000, American consumers have paid an estimated $280 billion in bank overdraft fees, according to CFPB data.

Article Source: CNBC

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