CFPB proposes rule to prohibit NSF ‘junk fees’

The latest proposed rule from the Consumer Financial Protection Bureau would prohibit depository institutions from charging non-sufficient funds fees on transactions declined at the point of sale. The bureau is characterizing the proposal as a “proactive” move to eliminate one of many charges it calls “junk fees.” Garris Horn LLP Co-Managing Partner Richard Horn shared his thoughts on the proposed rulemaking with Dodd Frank Update.