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Strategy
05/09/2024

How to Prepare for the CFPB’s War on Fees

Overdrafts and credit card late fees have received intense scrutiny from the CFPB, and more could come. How can banks build a strategy that protects revenue?

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Written by
Paul Davis Contributing Writer

Paul Davis is a contributing writer for Bank Director. He previously served as director of market intelligence at Strategic Resource Management, editor of community banking and M&A at American Banker, and news director at SNL Financial.

Paul Davis
Contributing Writer

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The banking industry has found itself squarely in the crosshairs of the Biden Administration’s so-called war on junk fees, with the Consumer Financial Protection Bureau leading the charge. An expected overhaul of consumer fees would force management teams and boards at banks of all sizes to rethink their revenue structures — and perhaps their overall business models. Bankers, meanwhile, have argued that late fees are an important incentive for customers to make more responsible financial decisions. “Regulators think they’re addressing one issue but they’re causing another,” says Tony DeSanctis, a senior director at Cornerstone Advisors. “Overall, my take is that this…
WRITTEN BY

Paul Davis

Contributing Writer

Paul Davis is a contributing writer for Bank Director. He previously served as director of market intelligence at Strategic Resource Management, editor of community banking and M&A at American Banker, and news director at SNL Financial.