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Monday, April 30, 2012

CFPB Overdraft Inquiry - the End of Free Checking

As the CFPB continues its inquiry into bank overdraft policies FitchRatings in a press release warned of the unforeseen negative side effects such inquires and further regulatory overhaul may have on the banking industry.

“We … anticipate the CFPB inquiry, couples with regulatory and legislative changes, will further hasten the demise of free checking accounts, which have been broadly adopted across the industry in various forms.

FitchRating also discussed the numerous revenue and cost pressures already placed upon banks and the competitive disadvantage banks are placing themselves at in attempts to survive the current environment.

Read the press release.

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