The US CFPB takes on real-time declined transactions.
Proposed rule fights the inflation of junk fees.
The rule centers around non-sufficient funds (NSF) fees.
Junk fees – those unexpected surcharges that appear everywhere – are the
bane of all our lives. But don’t worry, if you’re an American, the CFPB is here
to save the day.
The CFPB Strikes Back
These days, junk fees lurk everywhere, from immediate denials, to fees for payments, or foreign exchange, but have no fear, the Consumer
Financial Protection Bureau (CFPB) is riding to the rescue. The cause?
Real-time declined transactions, a fertile ground for the insertion of sneaky
junk fees. A newly-proposed rule is the CFPB's latest weapon to thwart
financial institutions from profiting off declined swipes, taps, or clicks.
Declined Transactions, Real-time Justice
The CFPB's proposed rule zeroes in on the archaic practice of charging
non-sufficient funds (NSF) fees for transactions denied at the point of sale.
Think declined debit card purchases or ATM withdrawals. “Over the years, large
banks and their consultants have concocted new junk fees for fake services that
cost almost nothing to deliver,” said CFPB Director Rohit Chopra. “Banks should
be competing to provide better products at lower costs, not innovating to
impose extra fees for no value. The CFPB will continue to rid the market of
junk fees today and prevent new junk fees from emerging in the future.”
Real-time Fair Play
As technology evolves, financial institutions have often gained the
ability to reject transactions instantaneously. The CFPB, playing tech
watchdog, aims to prevent these real-time declines from becoming a cash cow for
banks. Past tech advancements, like the overdraft loophole, led to fee
increases. The CFPB, learning from history, is moving to close loopholes and
protect consumers from emerging fees.
Beyond the Proposed Rule: CFPB's Junk Fee Cleanup
The proposed rule is just one cog in the CFPB's arsenal against junk
fees. In 2022, they initiated a crusade against the fees, resulting in substantial
reductions and forced Bank of America to cough up $100 million for NSF fee
malfeasance.
Junk fees – those unexpected surcharges that appear everywhere – are the
bane of all our lives. But don’t worry, if you’re an American, the CFPB is here
to save the day.
The CFPB Strikes Back
These days, junk fees lurk everywhere, from immediate denials, to fees for payments, or foreign exchange, but have no fear, the Consumer
Financial Protection Bureau (CFPB) is riding to the rescue. The cause?
Real-time declined transactions, a fertile ground for the insertion of sneaky
junk fees. A newly-proposed rule is the CFPB's latest weapon to thwart
financial institutions from profiting off declined swipes, taps, or clicks.
Declined Transactions, Real-time Justice
The CFPB's proposed rule zeroes in on the archaic practice of charging
non-sufficient funds (NSF) fees for transactions denied at the point of sale.
Think declined debit card purchases or ATM withdrawals. “Over the years, large
banks and their consultants have concocted new junk fees for fake services that
cost almost nothing to deliver,” said CFPB Director Rohit Chopra. “Banks should
be competing to provide better products at lower costs, not innovating to
impose extra fees for no value. The CFPB will continue to rid the market of
junk fees today and prevent new junk fees from emerging in the future.”
Real-time Fair Play
As technology evolves, financial institutions have often gained the
ability to reject transactions instantaneously. The CFPB, playing tech
watchdog, aims to prevent these real-time declines from becoming a cash cow for
banks. Past tech advancements, like the overdraft loophole, led to fee
increases. The CFPB, learning from history, is moving to close loopholes and
protect consumers from emerging fees.
Beyond the Proposed Rule: CFPB's Junk Fee Cleanup
The proposed rule is just one cog in the CFPB's arsenal against junk
fees. In 2022, they initiated a crusade against the fees, resulting in substantial
reductions and forced Bank of America to cough up $100 million for NSF fee
malfeasance.
Louis Parks has lived and worked in and around the Middle East for much of his professional career. He writes about the meeting of the tech and finance worlds.
1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
See you there!
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
See you there!
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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FMAS:24 | Sneak Peak
FMAS:24 | Sneak Peak
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa