Senators criticize CFPB for dropping action on troops’ overdraft fees

CFPB to Step Down on Section 1033 Rule

In a rare acknowledgement of its missteps, the Consumer Financial Protection Bureau (CFPB) is planning on unwinding its finalized rule on section 1033 of the Dodd-Frank Act. The move is ultimately a win for consumer data privacy and will prevent data-sharing risks from endangering consumers and placing undue liability on banks.   The CFPB’s change comes in the wake of its litigation with the Bank Policy Institute and the Kentucky Banker’s Associ…

Senators criticize CFPB for dropping action on troops’ overdraft fees

CFPB ordered Navy Federal in November 2024 to pay $80 million to service members unfairly charged overdraft fees. CFPB terminated that mandate this month.