Warren: CFPB should take a closer look at overdraft fees, crypto

Warren: CFPB should take a closer look at overdraft fees, crypto

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Warren: CFPB should take a closer look at overdraft fees, crypto

WASHINGTON— Massachusetts Sen. Elizabeth Warren is widely perceived as the architect of the Consumer Financial Protection Bureau and she used the occasion of the agency’s 10th anniversary to call for more robust oversight of cryptocurrency and banks’ overdraft practices.

“There are so many areas still where the bureau can make a difference,” the Democratic senator said during a virtual event held by several groups, including Americans for Financial Reform, US Public Interest Research Group and the Center for Responsible Lending, acknowledging the CFPB’s anniversary.

“Even in the face of … opposition from politicians and from industry, the agency survived [the Trump administration] and stayed strong, in part because it is built right, “Sen. Elizabeth Warren, D-Mass., said of the CFPB.

Bloomberg

“I think one of them is overdraft fees,” Warren said. “This is an area where there’s a lot of predatory behavior by giant banks that make billions of dollars in profits and squeeze every last penny out of customers who are struggling.”