The Consumer Financial Protection Bureau announced Wednesday that it will seek information about overdraft fees, commonly tied to checking accounts, and investigate whether consumers are being harmed by them. “With today’s technologies, consumers have more opportunities to access their checking accounts and cause overdrafts,” said CFPB Director Richard Cordray. “But overdraft practices have the capacity to inflict serious economic harm on the people who can least afford it. We want to learn how consumers are affected, and how well they are able to anticipate and avoid paying penalty fees.” The new inquiry marks the latest in a growing workload for the CFPB, which was created by the Dodd-Frank financial reform law and recently got fully up and running with the disputed recess appointment of Cordray.
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