The Consumer Financial Protection Bureau (CFPB) announced that is reviewing the Federal Reserve‘s overdraft protection rule to find out if it “should be amended or rescinded” to minimize “any significant economic impact” to small businesses (SMBs) and credit unions. The 2009 rule requires that financial...
Sen. Cory Booker has proposed legislation that would prohibit financial institutions from charging overdraft fees on debit card transactions and ATM withdrawals. The bill would also restrict the frequency of these charges on check payments. “It’s been well-documented for many years that banks have used...
The U.K.’s Financial Conduct Authority (FCA) announced Tuesday (Nov. 29) it is seeking evidence and feedback to further its work on high-cost credit, including a review of the payday loan price cap. In a press release, the FCA said that, since it took over regulation of consumer...
September 04, 2019
Chime, a digital banking startup based in San Francisco, said it has reached a threshold of five million customers and plans to introduce a new overdraft initiative to help them, according to a report. The startup is an FDIC-insured mobile bank that has no physical branches and pledges to offer customers fewer fees. The banking […]
May 13, 2019
The Consumer Financial Protection Bureau (CFPB) announced that is reviewing the Federal Reserve‘s overdraft protection rule to find out if it “should be amended or rescinded” to minimize “any significant...
August 03, 2018
Sen. Cory Booker has proposed legislation that would prohibit financial institutions from charging overdraft fees on debit card transactions and ATM withdrawals. The bill would also restrict the frequency of...
November 30, 2016
The U.K.’s Financial Conduct Authority (FCA) announced Tuesday (Nov. 29) it is seeking evidence and feedback to further its work on high-cost credit, including a review of the payday loan...
