Consumer Financial Protection Circular 2024-05: Improper Overdraft Opt-In Practices

Introduced

The Consumer Financial Protection Bureau (CFPB) has issued Consumer Financial Protection Circular 2024-05, titled "Improper Overdraft Opt-In Practices." In this circular, the CFPB responds to the question, "Can a financial institution violate the law if there is no proof that it has obtained consumers' affirmative consent before levying overdraft fees for ATM and one-time debit card transactions?"

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