CFPB Director Rohit Chopra intends to "activate a dormant authority" under the Consumer Financial Protection Act to give consumers control over the financial data they maintain with banks, and allow them to transfer their information to another financial institution.
The CFPB reviewed unanticipated overdraft fee assessment practices and concluded that surprise overdraft fees and surprise depositor fees are "likely unfair and unlawful under existing law."
A bank settled CFPB charges for unfair and abusive practices by charging overdraft fees on transactions when customers had sufficient funds in their accounts when the transactions were made.
In a review panel, the CFPB outlined its options to ensure that computer models used to help determine home valuations are accurate and fair.
The FDIC refuted a joint statement made by CFPB Director Rohit Chopra and FDIC Board member Martin J. Gruenberg that the FDIC Board had approved a request for information and comment on bank merger transaction rules, guidance and statements.