Developments in Securities Regulation, Corporate Governance, Capital Markets, M&A and Other Topics of Interest. MORE

The Consumer Financial Protection Bureau, or CFPB, has launched an inquiry into checking account overdraft programs to determine how these practices are impacting consumers. As part of that inquiry, the CFPB is seeking public input on a prototype “penalty fee box” – a disclosure on a consumer’s checking account statement that would highlight the amount overdrawn and total overdraft fees charged.

The inquiry is focused on four main areas:

  • Transaction re-ordering that increases consumer costs
  • Missing or confusing information
  • Misleading marketing materials
  • Disproportionate impact on low-income and young consumers

Check frequently for updates on the Dodd-Frank Act and other important securities law matters.

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