Rohit Chopra stated, 'The CFPB is cracking down on these excessive junk fees and requiring big banks to come clean about the interest rate they're charging on overdraft loans.' This reflects a broader commitment to enhance transparency and reduce consumer financial burdens.
The regulation caps overdraft charges to no more than $5, thereby addressing a long-standing issue. Approximately 23 million households currently pay these fees, contributing to an annual total of $12.9 billion.
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