CFPB Targets Overdraft Fees; Banks to Disclose Interest Rates, 100 Euros Monthly Reduction for Uniformed Personnel Starting in July

The Consumer Financial Protection Bureau (CFPB) is implementing new regulations aimed at reducing excessive overdraft fees charged by major banks. The initiative requires banks to disclose the interest rates on overdraft loans more transparently. This move has been highlighted by President Biden, who pointed out a bank CEO's ironic naming of his boat 'Overdraft', emphasizing the long-standing profitability of such fees for banks. In related developments, discussions are ongoing regarding changes to bank charges, remittances, and ATM withdrawals, with a focus on eliminating fees and capping charges for remittances. Specific measures include a monthly reduction of 100 euros for uniformed personnel starting in July, as part of broader efforts to support low-income individuals and pensioners.