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Billions in Bank ‘Junk Fees’ to Get Scrutiny by Revived CFPB (2)

Jan. 26, 2022, 8:22 PM

The billions of dollars in fees that U.S. banks charge customers are being scrutinized by the Consumer Financial Protection Bureau, which is re-emerging as an aggressive watchdog after being muzzled during the Trump administration.

The regulator, created in the aftermath of the 2008 financial crisis, is launching a broad review of what it calls “exploitive junk fees,” according to a statement issued Wednesday. In the agency’s crosshairs are credit-card charges and overdraft fees -- penalties banks impose on consumers when they withdraw more money than is available in their accounts.

Customers are signing up for financial products without knowing ...