Banks face mounting regulatory pressure and litigation over overdraft fees, which now exceed $12 billion annually. The CFPB is cracking down on unauthorized overdraft charging while insurers battle a $240 million Truist settlement, and lawmakers from both parties are demanding accountability.
·CFPB takes enforcement action against banks harvesting overdraft fees without explicit consumer consent
·Overdraft and NSF fees surged above $12 billion, sparking bipartisan criticism at affordability hearings
·Insurers challenge coverage for Truist's $240 million overdraft settlement, claiming it falls outside policy scope
·Credit unions and banks report rising non-sufficient funds incidents according to new regulatory data
·Growing roster of no-overdraft-fee checking accounts emerging as consumer alternatives in 2026
drawn from CNBC, Consumer Financial Protection Bureau (.gov), Insurance Business, NCUA (.gov) · updated 2d ago