CFPB Monitors Deposit Fees Closely

Cadwalader, Wickersham & Taft LLP
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Cadwalader, Wickersham & Taft LLP

In a lengthy, numbers-heavy blog post, the Consumer Financial Protection Bureau (“CFPB”) showed off its math skills by analyzing fees that banks collect from their retail deposit customers, with a particular focus on overdraft fee trends. After discussing overdraft fee declines and observing that upticks in other deposit-related fees do not make up for those declines, the post concluded with the quiet observation that “these figures give suggestive evidence that changes in overdraft program settings and [other] policies are making meaningful difference in the amount consumers incur in various fees while using [deposit accounts].”

Based upon a total of five separate communications from the CFPB in as many months, including charts comparing fees, retail banks are well-advised to continue being conscientious about deposit-related fees, because the CFPB is most definitely watching and crunching those numbers.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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