WASHINGTON—Banks are beneath renewed regulatory stress to overtake their overdraft-fee practices, which generate billions of {dollars} of income from shoppers who are sometimes cash-strapped.
The Client Monetary Safety Bureau and the Workplace of the Comptroller of the Foreign money, which oversees nationwide banks, are urgent monetary establishments to cut back what officers describe as an overreliance on overdraft charges, by way of a mix of public warnings and potential new regulation. Guidelines into consideration embody making it simpler for shoppers to maneuver cash and their account histories to banks with decrease charges.
