CFPB Report: $140 Million in Illegal Junk Fees Returned to Consumers by Financial Institutions

The Consumer Financial Protection Bureau (CFPB) has released a special edition of its Supervisory Highlights, revealing its efforts to protect consumers from illegal junk fees in banking, auto loans, and remittances. As a result of the CFPB's supervisory work, companies are refunding $140 million to consumers, with $120 million for surprise overdraft fees and double-dipping on non-sufficient funds fees. The report also highlights the elimination of non-sufficient funds fees by most financial institutions, saving consumers an estimated $2 billion annually. The CFPB continues to combat illegal fees and urges consumers to submit complaints about financial products or services.