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Comment Period: Fees for Instantaneously Declined Transactions

AGENCY: Consumer Financial Protection Bureau.

ACTION: Proposed rule; request for public comment.

SUMMARY: The Consumer Financial Protection Bureau (CFPB) is proposing to prohibit covered financial institutions from charging fees, such as nonsufficient funds fees, when consumers initiate payment transactions that are instantaneously declined. Charging such fees would constitute an abusive practice under the Consumer Financial Protection Actā€™s prohibition on unfair, deceptive, or abusive acts or practices.

DATES: Comments must be received on or before March 25, 2024.

  • March 25, 2024
  • Time: All Day