U.S. CFPB says considering guidance aimed at curbing banks’ reliance on overdraft, non-sufficient fees revenue

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FILE PHOTO: The seal of the Consumer Financial Protection Bureau (CFPB) is seen at their headquarters in Washington, D.C.

WASHINGTON – The head of the U.S. Consumer Financial Protection Bureau (CFPB) told reporters on Wednesday that he has asked staff to consider additional agency guidance aimed at curbing banks’ reliance on overdraft, non-sufficient fees.

“The [consumer watchdog] is considering a range of regulatory interventions to help restore meaningful competition in this part of the checking market, rather than allowing large institutions to rely on overdraft and non-sufficient revenue fees forever.”

(Reporting by Katanga Johnson in Washington)

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