In a move that could reshape the landscape of consumer finance, on Jan. 17, 2024, the Consumer Financial Protection Bureau (CFPB) proposed a new rule that aims to redefine overdraft fees as credit products subject to TILA. This proposal is part of the CFPB’s ongoing efforts to curb what it identifies as “junk fees” and enhance transparency in consumer financial products.
CFPB Proposes Rule to Reclassify Overdraft Fees Under TILA
