CFPB targets overdraft loans at large institutions as Biden weighs in

Proposed rule would require large financial institutions to treat overdraft loans like credit cards and supply clear disclosures.

Under a proposed rule announced by the US Consumer Financial Protection Bureau (CFPB), large financial institutions would need to treat overdraft loans just like credit cards and other lending products.

Acknowledging the proposed rule in a statement, President Joe Biden said: “For too long, some banks have charged exorbitant

The

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