Anna Maria Andriotis
speaker
3,396 appearances
52 recordings
1 series
first heard Jul 2017
last heard Dec 2022
Anna Maria Andriotis’s voice in public audio — every appearance, attributed to the second.
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That is according to MEB's services.
There is a different measure of this number that's produced by the Consumer Financial Protection Bureau, which comes out to around $15.5 billion in 2019.
Either way, the figures are high and are well into the billions.
So we're under a new administration, of course, and with the new administration, with the Biden administration, there are new directors, new heads of regulatory agencies that see things quite differently from what their predecessors under the Trump administration saw.
In this particular case, the first regulator to publicly raise an alarm over overdraft fees recently was the Consumer Financial Protection Bureau under, of course, a new director.
It was interesting to hear the concerns that the CFPB raised about this issue, because for people like myself and others covering the banking sector for quite a while now, the sort of general thought process is overdraft fees.
Weren't they addressed by regulation that kicked in back in 2010?
Well, you know, according to the CFPB's outlook on things, as well as the Office of the Comptroller of the Currency, what's in place isn't enough.
And banks need to reassess how they are charging people, if they should continue even charging them, or otherwise potentially, at least according to the CFPB, face repercussions.
So the Office of the Comptroller of the Currency has encouraged banks to modify their use of these fees, period.
The way that the acting comptroller of the currency described it was that, you know, I've been telling bankers to do the right thing.
You want your reliance to be on revenues that you feel good about.
And part of the problem with overdrafts is that while it's legal, it hurts people.
The way the OCC views things, it's that fees that were designed to be used regularly
in rare occasions, have instead become routine and recurring for financially vulnerable bank customers.
The CFPB, I would say, at least from a public standpoint, has taken a much more forceful position.
It flagged the three biggest banks, JP Morgan, Bank of America, and Wells Fargo, as banks that have collected a significant amount of overdraft fee revenue from
and basically said that as a regulatory body, it will be taking action to restore things, to restore meaningful competition to this market as the CFPB's director described it.
So the CFPB's director also said that he has tasked
the Bureau's enforcement attorneys and examiners to prioritize scrutiny of banks' overdraft practices and basically views it as the fact that these banks can continue to charge responsibility charge, according to the CFPB, is evidence of a lack of competitiveness in banking services.
Showing 741–760 of 3,396 · page 38 of 170
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