The Consumer Financial Protection Bureau is reviewing how financial institutions attract consumers to enroll in overdraft protection programs, and is looking at those practices at nine banks, Bloomberg news reported Friday on its website, citing four people briefed on the examination.
Larger banks being reviewed include J.P. Morgan Chase & Co. (JPM), Wells Fargo & Co. (WFC) and Bank of America Corp. (BAC). Regional banks include U.S. Bancorp (USB), Regions Financial Corp. (RF) and PNC Financial Services Group Inc. (PNC). Bloomberg said that its sources did not identify the remaining banks.
The agency also is looking into the size of the overdraft fees, two people told Bloomberg.
Spokesmen for J.P. Morgan, Bank of America, Wells Fargo, PNC, Regions and U.S. Bancorp declined comment to Bloomberg.
Full story at: www.bloomberg.com/news/2012-04-20/nine-u-s-banks-said-to-be-examined-on-overdraft-fees.html
-Dow Jones Newswires; 212-416-2900