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Overdraft Fees

Overdraft Loans

Excessive overdraft fees charged by banks and credit unions can cause devastation for financially vulnerable families. Many lenders used predatory policies and practices designed to repeatedly extract excessive fees from customers who could least afford them. Overdraft fees are a leading cause of financial institutions closing a consumer’s account and reentry into the banking system often is exceedingly difficult, increasing the financial insecurity of many consumers. CRL advocates for legislators and regulators to rein in the size and frequency of these fees. We estimate that the savings from these fee eliminations will be between $3 billion to $4 billion for working families.

Filter Results

Monday, June 28, 2010

Guidance to OTS on Overdraft Protection Programs

CRL's, Consumer Federation of America and the National Consumer Law Center's comment letter to the OTS regarding the agency's Supplemental Guidance on Overdraft Protection Programs.
Comment Letter
Overdraft Fees

Friday, June 18, 2010

CRL Comment Letter on Garnishment of Federal Benefits

CRL and other consumer groups provide comment on the Office of Personnel Management's proposed rule regarding garnishment of federal benefits.
Comment Letter
Overdraft Fees

Wednesday, April 7, 2010

Financial Reform: All you need to know about CFPB, CFPA and the Regulatory Reform

Research
Debt Collection & Settlement Mortgage Lending Overdraft Fees

Tuesday, March 30, 2010

CRL and Other Groups Comment on Clarifications to Fed's Opt-In Rule

CRL and other consumer groups provide comment on the Federal Reserve's opt-in rule and the proposed changes to Regulation DD.
Comment Letter
Overdraft Fees

Wednesday, February 24, 2010

National Bank Regulator Enabled Overdraft Abuses

Read our report (PDF) >> Our nation's largest banks extract billions of dollars in fees from their customers each year through abusive overdraft loan programs. Over the last ten years, these programs developed and proliferated under the Office of the Comptroller of the Currency (OCC), the national banks' primary regulator. The OCC recognized problems with the systems early on but has taken no meaningful action to address them. Today, financial institutions routinely approve even the smallest debit card transaction that results in an overdraft. The overdraft programs at the OCC's banks are...
Research
Overdraft Fees

Wednesday, February 24, 2010

National Bank Regulator Enabled Overdraft Abuses

Read our report (PDF) >> Our nation's largest banks extract billions of dollars in fees from their customers each year through abusive overdraft loan programs. Over the last ten years, these programs developed and proliferated under the Office of the Comptroller of the Currency (OCC), the national banks' primary regulator. The OCC recognized problems with the systems early on but has taken no meaningful action to address them. Today, financial institutions routinely approve even the smallest debit card transaction that results in an overdraft. The overdraft programs at the OCC's banks are...
Overdraft Fees

Tuesday, February 2, 2010

Congressional Proposal Would Curb Overdraft Abuses; Fed’s Rules Fall Far Short

The Federal Reserve issued rules in November 2009 related to bank overdraft practices. These rules are limited and do not address the fundamental problems with today's overdraft systems–- namely, their high cost and the frequency with which fees are charged. Americans pay $23.7 billion per year in overdraft fees, most commonly due to small debit card overdrafts that institutions could easily deny for no fee. These fees hit vulnerable consumers hardest, thrusting them into a cycle of debt and driving some from the banking system altogether. Congresswoman Maloney and Senator Dodd have proposed...
Policy & Legislation
Overdraft Fees

Thursday, November 19, 2009

Testimony: Michael Calhoun testifies on overdraft before the Senate

Michael Calhoun, president of the Center for Responsible Lending, testified before the U.S. Senate Committee on Banking, Housing & Urban Affairs on Tuesday, November 17, 2009. Mr. Calhoun offered support for the FAIR Overdraft Protection Act, introduced by Senator Christopher Dodd, as urgent and necessary reform for abusive bank overdraft fees.
Research
Overdraft Fees

Thursday, October 29, 2009

Support H.R. 3904, the Overdraft Protection Act of 2009

U.S. House and Senate proposals promise significant reform Regulators have failed to stop our nation's financial institutions from moving from a policy of discouraging overdrafts to that of encouraging and maximizing overdrafts to drive up fees. The Overdraft Protection Act of 2009, H.R. 3409, introduced by Congresswoman Carolyn Maloney in October 2009, would make meaningful reform with measures similar to the FAIR Overdraft Coverage Act proposed in the U.S. Senate. H.R. 3409 would: require financial institutions to obtain explicit permission from all their customers before enrolling them in a...
Research
Overdraft Fees

Thursday, October 29, 2009

The Overdraft Protection Act of 2009

Eric Halperin, director of CRL's DC office, submitted testimony to the Financial Services Committee of the U.S. House on H.R. 3904, the Overdraft Protection Act of 2009. He called the Act a crucial measure for protecting consumers from abusive bank overdraft fees, which have reached $23.7 billion per year. The Federal Reserve Board has failed to address the problem, and reform is urgently needed. http://www.house.gov/apps/list/hearing/financialsvcs_dem/hr_102309.shtml
Testimony
Overdraft Fees

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  • Debt Collection & Settlement
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