Acting Comptroller Hsu calls for new rules and enforcement to address bank overdraft practices and recommends changes to overdraft programs

In remarks last week to the Consumer Federation of America’s 34th Annual Financial Services Conference, Acting Comptroller of the Currency Michael Hsu took banks to task for contributing to income and wealth inequality through overdraft programs by earning $15.5 billion in overdraft fees in 2019 that “are being paid by those customers who are the most financially vulnerable.” (Mr. Hsu stated that “overdraft use has continued to grow in recent years.” However, the amount paid by consumers in...
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