CFPB promises crackdown on overdraft fees — Director Chopra says big banks need to ‘kick this addiction’

The nation’s largest banks take in billions each year in overdraft charges, and the Consumer Financial Protection Bureau says the prevalence of what can be hefty fees are evidence of a broken market.

“When it comes to bank accounts in the U.S., we don’t have a fair and competitive market,” CFPB Director Rohit Chopra said during a call with reporters Wednesday, following the release of a new report on overdraft fees.