Became Public Law No: 119-10.
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While the cost of financial services is a perennial topic of congressional debate, Congress has recently paid particular attention to the costs associated with credit cards, one of the most popular payment options for consumers. This In Focus provides background on the consumer credit card market and discusses policy…
Consumer finance refers to the saving, borrowing, and investment choices that households make over time. These financial decisions can be complex and can affect households’ financial well-being both now and in the future. Safe and affordable financial services are an important tool for most American households as they…
Funding Gaps in Consumer Finances One of the earliest documented cases of bank overdraft dates back to 1728, when a Royal Bank of Scotland customer requested a cash credit to allow him to withdraw more money from his account than it held. Three centuries later, technologies such as electronic payments (e.g., debit car…
Overdraft refers to when the money in a consumer account cannot cover a given transaction, but a financial institution pays the transaction. While some financial institutions do not offer overdraft coverage, banks that do typically charge a fee for covering each overdraft, often around $35. The Consumer Financial Prot…
In 2010, through enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank, P.L. 111-203), Congress established the CFPB to implement and enforce federal consumer financial law for certain financial products and institutions. Dodd-Frank consolidated in the CFPB certain consumer financial r…
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