Wells Fargo and Regions Banks’ Overdraft Fees in CFPB Crosshairs

The Consumer Financial Protection Bureau’s enforcement actions against Wells Fargo & Co. and Regions Financial Corp. for alleged overdraft fee abuses are top of mind as the agency eyes a new crackdown, the agency’s director said.

CFPB Director Rohit Chopra told senators Thursday that the agency hasn’t yet determined whether banks’ overdraft protection programs will be covered by federal financial disclosure rules, and he declined to provide a timeline for releasing the overdraft fee proposal. Bloomberg reported Tuesday that the CFPB plans to unveil its heavily anticipated proposal in early December.

Chopra stressed that the proposal is intended to ensure ...