Today, the Consumer Financial Protection Bureau (CFPB) announced new proposed protections for customers against abuses from big banks. This is a critical move in reforming overdraft fee practices which have been used to drain billions of dollars in junk fees from consumers.
In response to the announcement, Demand Progress Education Fund Director of Corporate Power Emily Peterson-Cassin issued the following statement:
“We must put an end to big banks stealing money directly from the pockets of the American people through their junk fees on bank account overdrafts. These fees add up to billions of dollars for banks— and most of that money comes from households struggling to make ends meet, where a few dollars could mean having to choose between paying rent on time, affording a critical prescription, or putting enough food on the table. We applaud the CFPB for taking a step toward restoring a more appropriate balance between customer and bank, where customers can trust their banks not to exploit them.”
This content originally appeared on Common Dreams and was authored by Newswire Editor.