{"id":104043,"date":"2019-07-08T10:24:10","date_gmt":"2019-07-08T14:24:10","guid":{"rendered":"https:\/\/madisoncountycourier.com\/?p=104043"},"modified":"2019-07-08T10:24:10","modified_gmt":"2019-07-08T14:24:10","slug":"james-leads-25-state-attorneys-general-in-fighting-against-debit-card-overdraft-fees","status":"publish","type":"post","link":"https:\/\/madisoncountycourier.com\/?p=104043","title":{"rendered":"James leads 25 state attorneys general in fighting against debit card overdraft fees"},"content":{"rendered":"\n
\"\"
Attorney General Letitia James<\/figcaption><\/figure><\/div>\n\n\n\n

AGs warn CFPB that weakening overdraft fee rule will harm consumers <\/em><\/h3>\n\n\n\n

Attorney General Letitia James led a coalition of 25 state attorneys\ngeneral opposing any effort by the Consumer Financial Protection Bureau to roll\nback or limit its Overdraft Rule. The rule permits banks to charge fees to\nconsumers for overdraft services on ATM and one-time debit transactions only\nafter consumers have been provided with important information about those\nservices and fees in a model notice, and only after those consumers have made\nthe affirmative choice to opt in to such services.<\/p>\n\n\n\n

\u201cIf the CFPB rolls back this rule, it would put hard-working\npeople in harm\u2019s way by allowing banks to charge more overdraft fees, all in\nthe name of corporate greed,\u201d said James. \u201cConsumers across New York deserve\nthe chance to make informed decisions about their finances, so I urge the CFPB\nto give them that opportunity and create a more efficient and fair\nmarketplace.\u201d<\/p>\n\n\n\n

The Overdraft Rule \u2014 which went into effect in 2010 \u2014\nrecognized that many consumers received overdraft services by default, but were\nnever given clear information about their options and the fees their financial\ninstitutions charge. In fact, some studies released by the CFPB have shown that\nmedian fees can cost as much as 68 percent of median overdrafted transactions.\nFor example, when the median overdrafted transaction was $50, the median fees\ncharged were $34.<\/p>\n\n\n\n

The CFPB\u2019s data shows that only about 16 percent of\nconsumers have chosen to affirmatively opt into overdraft services under the\nOverdraft Rule, which has benefited millions of Americans and led to a\nsignificant reduction in the total number and amount of overdraft fees.<\/p>\n\n\n\n

In their letter, the attorneys general specifically emphasized\nthat there is no basis to believe that the Overdraft Rule would place any\nadditional economic burden or cost on small financial institutions, and that\ncompliance has both been straightforward and used a standard form designed for\nsimplicity and cost-savings. Inversely, the CFPB has not published any data or\nresearch to demonstrate any economic burden as a result of the Overdraft\nRule.  <\/p>\n\n\n\n

Joining James in penning the comments to the CFPB were the attorneys\ngeneral of California, Colorado, Delaware, the District of Columbia, Hawaii,\nIllinois, Iowa, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota,\nMississippi, Nevada, New Jersey, New Mexico, North Carolina, Oregon,\nPennsylvania, Rhode Island, Vermont, Virginia and Washington, as well as the executive\ndirector of the Hawaii Office of Consumer Protection.<\/p>\n","protected":false},"excerpt":{"rendered":"

AGs warn CFPB that weakening overdraft fee rule will harm consumers Attorney General Letitia James led a coalition of 25 state attorneys general opposing any effort by the Consumer Financial Protection Bureau to roll back or limit its Overdraft Rule. The rule permits banks to charge fees to consumers for overdraft services on ATM and […]<\/p>\n","protected":false},"author":2,"featured_media":98849,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[32,8],"tags":[],"class_list":["post-104043","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crime","category-top-story"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack-related-posts":[],"jetpack_shortlink":"https:\/\/wp.me\/p43meu-r47","jetpack_featured_media_url":"https:\/\/i0.wp.com\/madisoncountycourier.com\/wp-content\/uploads\/2019\/01\/Attorney-General-Letitia-James.jpg?fit=2832%2C4256&ssl=1","_links":{"self":[{"href":"https:\/\/madisoncountycourier.com\/index.php?rest_route=\/wp\/v2\/posts\/104043","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/madisoncountycourier.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/madisoncountycourier.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/madisoncountycourier.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/madisoncountycourier.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=104043"}],"version-history":[{"count":0,"href":"https:\/\/madisoncountycourier.com\/index.php?rest_route=\/wp\/v2\/posts\/104043\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/madisoncountycourier.com\/index.php?rest_route=\/wp\/v2\/media\/98849"}],"wp:attachment":[{"href":"https:\/\/madisoncountycourier.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=104043"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/madisoncountycourier.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=104043"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/madisoncountycourier.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=104043"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}