CFPB - Providence Business News

ON THE DECLINE? The estimated annual amount of overdraft fees collected by U.S. banks and credit unions has dropped from a high of nearly $12 billion in 2019 to $5.3 billion in 2023. But the Consumer Financial Protection Bureau rule would cut further into that revenue. SOURCE: Federal Deposit Insurance Corp. data; Federal Financial Institutions Examination Council

Bankers fight to overturn rule on overdraft fees

Financial Services 03/14/2025

A proposed banking regulation that one federal agency says will save Americans $5 billion a year in overdraft fees is facing strong opposition from...

Citizens Bank to pay $9M penalty for unlawful credit card servicing

Business Services 05/23/2023

PROVIDENCE – Without admitting fault, Citizens Bank on Tuesday agreed to pay $9 million to settle allegations of failing to properly manage and respond...

CFPB warns banks against unilaterally reopening closed consumer accounts

Financial Services 05/15/2023

WASHINGTON – The Consumer Financial Protection Bureau affirmed last week that a bank is in violation of federal law if it unilaterally reopens a...

MICK MULVANEY, acting director of the Consumer Financial Protection Bureau, says the bureau is “too powerful” and is requesting Congress make changes that would effectively make the bureau less independent. / BLOOMBERG FILE PHOTO/ZACH GIBSON

CFPB acting director calls agency ‘too powerful’

Financial Services 04/10/2018

PROVIDENCE – In his first report as acting director of the Consumer Financial Protection Bureau, Mick Mulvaney is calling his agency “too powerful.” Mulvaney, an...

CFPB offers tools to help families save for future, unexpected expenses

Financial Services 03/06/2018

PROVIDENCE – The Consumer Financial Protection Bureau is highlighting a host of tools it provides for individuals and families to save for emergencies and...

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