By
Adrianne Appel2022-09-28T20:45:00
The Consumer Financial Protection Bureau (CFPB) ordered Regions Bank to pay $191 million for allegedly charging illegal, surprise overdraft fees to customers.
The bank, with $161 billion in assets and approximately 1,300 offices across the South and Midwest, charged customers overdraft fees on certain ATM withdrawals and debit card purchases even though they had sufficient funds in their accounts at the time of transaction, according to the CFPB’s consent order filed Wednesday.
The $36 overdraft fee, called “authorized positive,” was imposed if a customer’s bank balance became insufficient when the transaction posted, sometimes days later. Such fees are considered unfair because the bank allows the transaction to go through and customers are not warned about the fees and can’t prevent them.
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Navy Federal Credit Union will pay a $15 million fine and return $80 million in “surprise” overdraft fees to its members to resolve an enforcement action from the Consumer Financial Protection Bureau.
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The Consumer Financial Protection Bureau shut down a registry of non-bank financial firms that broke consumer laws. The agency cites the costs being ”not justified by the speculative and unquantified benefits to consumers.”
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Senate Democrats warned OMB Director Russell Vought Tuesday that it would be illegal for the Trump administration to shut down the Consumer Financial Protection Bureau, citing a recent court decision barring actions that could severely harm the agency.
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It has been nearly six months now since the Department of Justice’s (DOJ) Criminal Division released its memorandum on the selection of compliance monitors. This article provides a critical analysis of the monitorships that received early terminations, those that remain in place, and the broader compliance lessons they impart.
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The founder of crypto exchange Binance, Changpeng Zhao, received a pardon from President Donald Trump. This pardon comes almost two years after Zhao signed a plea agreement and was sentenced to a four-month prison sentence.
2025-10-23T18:57:00Z By Adrianne Appel
A former Wells Fargo risk officer previously ordered to pay $10 million by the Department of the Treasury’s Office of the Comptroller of the Currency (OCC) for her alleged role in the bank’s “fake accounts” scandal is completely off the hook, according to an OCC consent order issued Tuesday.
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