Editor's Note: This article was authored by David N. Anthony, Chris Capurso, Stefanie Jackman, James Kim, Lori Sommerfield, Ethan G. Ostroff, Chris Willis & Alan D. Wingfield. It previously appeared in Troutman Pepper's Consumer Financial Services Law Monitor, and is re-published here with permission.

On October 11, the Consumer Financial Protection Bureau (CFPB or Bureau) published a special edition of its Supervisory Highlights report. This report serves as a “victory lap” for the Bureau, which highlights the relief it has obtained for consumers since the release of its March 2023 Special Fees Edition, discussed here. According to the Bureau, its supervisory efforts have led to institutions refunding over $140 million to consumers, including $120 million in overdraft and non-sufficient funds (NSF) fees.

Simultaneously, the Federal Trade Commission (FTC) announced a proposed rule to prohibit “hidden and bogus” fees. The proposed rule is in response to a proceeding last year where the FTC sought public input on such fees.

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