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Feb. 8, 2024

Breaking Down the Recent Crackdown on Bank Fees

By Dowse Bradwell "Brad" Rustin, IV, Erin Kolmansberger, Marianna McDevitt, Lashania White

Daily Business Review

New rules proposed by the Consumer Financial Protection Bureau (CFPB) could signal the end of bank fees and free checking. The Daily Business Review published an article written by Nelson Mullins attorneys Brad Rustin, Erin Kolmansberger, Marianna McDevitt, and Lashania White which breaks down the complexities and implications of this latest action.

“We expect the CFPB to continue to actively pursue its “junk fee” agenda in 2024 and continue to place pressure on the bank’s revenue sources. Nelson Mullins fully expects that any discontinuance in bank fees will likely lead to higher-priced deposit products for consumers and the loss of many of the “free checking” products that are targeted at students, senior adults, and lower-income persons.”

To read the full article, subscribers may click here.